US stocks futures edged lower on Wednesday, after Obama was elected US president, as investors turned their focus back on economy.
 
At 8:24 am ET, Standard & Poor's 500 Index futures expiring in December slipped 16.60 points to 986.60. Dow Jones Industrial Average futures fell 124 points to 9463. Nasdaq Composite Index futures shrank 22.25 points to 1358.25.

Barack Obama was elected the 44th president of the United States on Tuesday. Obama, 47, a first-term senator from Illinois, defeated Senator John McCain 72, of Arizona. Obama captured Virginia,a state that last voted for Democrats only in 1964.He beat McCain in important states like Ohio, Colorado, Florida, New Hampshire, and Pennsylvania, while retaining the traditional Democratic states. As of early Wednesday, he had 338 electoral votes, far more than the 270 needed to win the presidency, while McCain had 142.

On Wednesday, ADP survey reported that a total of 157,000 private-sector jobs were lost in October. Consensus estimate was for a drop of 100,000 private sector jobs.

Among other economic data, the Institute for Supply Management will be releasing its non-manufacturing index for October at 10:00 pm ET.

Early on Wednesday, bond insurer Ambac Financial (NYSE: ABK) reported third quarter net loss of $2.43 billion or $8.45 per share, compared to a loss of $360.6 million or $3.53 per share in the same quarter in 2007. Operating loss per share for the quarter was $7.81, against operating earnings per share of $1.89 in the same period a year ago. Analysts expected the company to post operating loss of 74 cents a share. The quarterly results were impacted by $2.7 billion of mark-to-market losses on credit derivatives contracts. Shares of Ambac Financial lost over 26% before the opening bell.

MBIA (NYSE: MBI) registered a net loss of $806.5 million or $3.48 per share in third quarter , compared with a loss of $36.6 million or 30 cents per share in the corresponding period in 2007. The company's operating loss was $514.8 million, or $2.22 per share. Analysts on an average were expecting the company to post operating loss of 14 cents per share for the quarter. MBIA slipped over 10% in pre market trading.

Time Warner (NYSE: TWX) announced on Wednesday that its third quarter net income fell marginally to $1.07 billion, or 30 cents a share, from $1.09 billion, or 29 cents per share, in the same quarter a year ago. Excluding one time charges, the company posted a profit of 31 cents per share. Revenue too was flat at $11.71 billion, compared with $11.68 billion in the year ago period. Analysts were looking for profits of 27 cents a share excluding one time charges on revenues of $11.9 billion. The company said its 2008 earnings from continuing operations will be in the range of $1.04 to $1.07 a share, down from a previous guidance of $1.07 to $1.11 a share. Shares of the media company subtracted over 2% in German Trading.

Money market rates fell for the 18th straight day. According to the British Bankers' Association, the London interbank offered rate, or LIBOR for three month loan dropped 20 basis points to 2.51%. The Libor-OIS spread narrowed 19 basis points to 192 basis points.

European stocks were trading in red afternoon trade. At 12:56 pm  London time, U.K. FTSE fell 1.83 points or 1.83% to 4,554.39. The German DAX and French CAC retreated 1.12% and 2.07% respectively.

Asian stocks rallied on Wednesday. The Nikkei 225 climbed 406.64 points or 4.46% to 9,521.24. Hong Kong's Hang Seng Index rose 455.82 points or 3.17% to 14,840.16. Kospi Composite closed at 1,181.50, up 28.15 or 2.44% in Seoul. Straits Index jumped 39.13 points or 2.14% to 1,868.82.
 
NYMEX Crude oil for December delivery fell as much as $3.47, or 4.9%, to $67.06 a barrel on the New York Mercantile Exchange. Earlier on Tuesday, Crude Oil rose $6.62, or 10%, to settle at $70.53 a barrel.

Disclosure: Author does not own any of the stocks discussed here.