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* U.S. consumer prices increase broadly in July
* Hong Kong protests, Argentine peso slump unsettle markets
* JD.com rises after Q2 beat
* Futures down: Dow 0.30%, S&P 0.31%, Nasdaq 0.39% (Changes comment, updates prices)
By Amy Caren Daniel
Aug 13 (Reuters) - Wall Street was set to open lower on Tuesday, tracking a global shift out of riskier assets, as investors grappled with simmering geopolitical tensions and fears of a recession due to a drawn-out U.S.-China trade war.
Adding pressure to U.S. stock index futures was a Labor Department report that showed the consumer price index rose 0.3% last month, in line with expectations, with core CPI rising 2.2% in the 12 months through July.
"Core CPI was a bit higher-than-expected and anything that decreases the odds of the Fed being aggressive in cutting rates is going to be viewed as a negative," said Scott Brown, chief economist at Raymond James in St. Petersburg, Florida.
Financial markets have fully priced in a rate cut at the U.S. central bank's September meeting following a recent escalation in the bruising trade war between the United States and China, which led to an inversion of the U.S. Treasury yield curve and raised the risk of a recession.
The benchmark S&P 500 is now about 5% away from its all-time high hit last month that was driven mainly by hopes that the Federal Reserve would adopt a looser monetary policy to impede the impact of the trade war.
Protests in Hong Kong and a crash in Argentina's currency and its stock market have driven up demand for safe-haven gold and the Japanese yen.
"The situations in Argentina and Hong Kong have been unsettling and while they are not critical by themselves to global growth, it's adding to the negative sentiment."
At 8:34 a.m. ET, Dow e-minis were down 78 points, or 0.3%. S&P 500 e-minis were down 9 points, or 0.31% and Nasdaq 100 e-minis were down 29.25 points, or 0.39%.
Trade sensitive Caterpillar Inc and Boeing Co slipped 0.2% and 0.4%, respectively, in premarket trading.
FAANG group of stocks - Facebook Inc, Amazon.com Inc , Apple, Netflix Inc and Google-parent Alphabet Inc - fell between 0.2% and 0.6%.
A survey showed German business sentiment plunged far more than expected in August, hurt by trade disputes and higher chances of a no-deal Brexit, painting a dismal picture of Europe's biggest economy.
In a bright spot, China's JD.com Inc rose 7.9% after the e-commerce company's quarterly results beat estimates, boosted by stronger sales in its online retail business. (Reporting by Amy Caren Daniel and Arjun Panchadar in Bengaluru; Editing by Anil D'Silva)