Wall Street set for a weaker open

Futures fell by around 0.4 percent on Wednesday as concerns lingered about the banking sector.
The Federal Deposit Insurance Corporation said on Tuesday that the number of troubled U.S. banks rose 30 percent to 117 U.S. banks in Q2, the highest level in five years. The Wall Street Journal reported that FDIC may have to borrow money from the U.S. Treasury Department to see it through an expected wave of bank failures.
* U.S. data due include durable goods orders and Chicago Fed manufacturing survey. Atlanta Fed President Dennis Lockhart speaks on inflation.
* Lehman Brothers shares rise in Frankfurt after Financial Times reports the bank has asked three private equity firms to remain in the bidding for its asset management arm even though it has yet to decide on whether to sell the unit.
* Societe Generale economists estimate U.S. commercial banks hold $1 trillion in Fannie Mae and Freddie Mac debt — 9 percent of the banks' balance sheets. Fannie and Freddie shares jumped on Tuesday for a second day thanks to diminishing expectations for an imminent government bailout.
* U.S. crude oil rises for the third day, up 0.9 percent to $117.30 a barrel as Tropical Storm Gustav threatens oil and natural gas installations in the Gulf of Mexico. Tensions between Russia and the West over Georgia are adding to pressure.
* The Wall Street Journal reported that digital video record maker TiVo Inc is set to enter into an agreement with Time Warner Entertainment Weekly that will allow its users to automatically record shows suggested by the magazine's staff.