* China trade surplus at record high
* OECD cuts 2015 global growth forecast
* Priceline drops after weak profit forecast
* Apache soars after report of buyout offer
* Futures down: Dow 28 pts, S&P 4.75 pts, Nasdaq 12.75 pts (Adds details, comment, updates prices)
By Abhiram Nandakumar
Nov 9 (Reuters) - Wall Street was set to open slightly lower on Monday after weak Chinese trade data and an OECD report warning of a global slowdown spurred concerns about weakening demand.
Data showed China’s October exports fell 6.9 percent, down for a fourth month, while imports dropped 18.8 percent, leaving the world’s second largest economy with a record high trade surplus of $61.64 billion. The U.S. is one of China’s biggest trade partners.
The Organisation for Economic Co-operation and Development cut its 2015 global growth forecast again, but said the U.S. Federal Reserve should raise interest rates as the U.S. economic recovery gains steam.
Global stocks were subdued as investors digested the fresh signs of persistent global weakness and the prospects of a U.S. rate hike.
Traders said markets were struggling to find a clear direction and some profit taking was kicking in.
Still, U.S. stocks have largely brushed off concerns about the global economy and have ended higher for six weeks in a row, buoyed by a signs of a strengthening economy, the latest of which was the stronger-than-expected jobs report on Friday.
Wall Street closed little changed on Friday, as a rise in financials offset a decline in utilities and other sectors, as traders took the jobs report as evidence the Fed will raise rates next month.
The U.S. market would likely consolidate around current levels after Friday’s report, said Peter Cardillo, chief market economist at Rockwell Global Capital in New York.
At 8:44 a.m. ET (1344 GMT), S&P 500 e-minis were down 4.75 points, or 0.23 percent, with 136,359 contracts traded.
Nasdaq 100 e-minis were down 12.75 points, or 0.27 percent, on volume of 22,861 contracts. Dow e-minis were down 28 points, or 0.16 percent, with 17,702 contracts changing hands.
Traders are now expecting a 70 percent chance that the Fed will raise rates off near-zero levels in December, according to CME GRoup’s FedWatch.
An increase in interest rates raises borrowing costs for companies, but is good for banks and other financial companies.
Priceline shares fell 6.1 percent to $1362 premarket after the travel websites operator forecast weak fourth-quarter profit. Rival Expedia also fell 1 percent to $131.99.
Dean Foods rose 9.5 percent to $19.65 after reporting better-than-expected quarterly profit.
Apache jumped 12.9 percent to $53.83 after Bloomberg reported the oil and gas company rejected a takeover approach from an unidentified party.
Plum Creek Timber soared 14 percent to $45.95 after Weyerhaeuser said it would buy the company to create a $23 billion timber, land and forest products company. Weyerhaeuser was down 3.9 percent. (Reporting by Abhiram Nandakumar in Bengaluru; Editing by Savio D‘Souza)