Europe stock futures point to steep falls at open

LONDON, July 15 (Reuters) – European stock index futures pointed to steep falls at the open on Tuesday, tracking hefty losses in Asian and U.S. markets as investors worldwide fretted about a financial sector stricken by a credit crisis.

At 0604 GMT, futures for the Eurostoxx 50, Germany's DAX and the French CAC 40 were down between 1.2 and 1.5 percent. The pan-European FTSEurofirst 300 index added 0.7 percent in the previous session as it bounced back from Friday's hefty falls.

U.S. stocks fell on Monday as worry about the health of the banking sector after Friday's collapse of IndyMac outweighed earlier optimism over the government's plan to stabilise Fannie Mae and Freddie Mac.

Asian stocks hit two-year lows on Tuesday.