US STOCKS-Futures up as China fuels growth hopes; data on tap

Wed Dec 5, 2012 6:15pm IST

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* Xi Jinping comments buoy hopes for economic recovery

* ADP data due at 8:15 a.m. ET (1315 GMT

* Nokia shares up in wake of deal with China Mobile

* Futures up: S&P 3.7 pts, Dow 41 pts, Nasdaq 2.25 pts

By Angela Moon

NEW YORK, Dec 5 (Reuters) - U.S. stock index futures rose on Wednesday after comments from China's new leader boosted global growth expectations.

* Chinese Communist Party chief Xi Jinping said the country would maintain its fine-tuning of economic policies in 2013 to ensure stable economic growth. That sparked a rally in Chinese shares, with the Shanghai Composite Index surging 2.9 percent.

* Among his key priorities, Xi listed tax reform, urbanization and allowing the market to play a bigger role in setting resource prices.

* On the domestic front, investors awaited ADP's November employment report, due at 8:15 a.m. ET (1315 GMT). Economists in a Reuters survey expect 125,000 jobs were created versus 158,000 in October.

* Other data due include factory orders and ISM's November non-manufacturing index, both at 10:00 a.m. ET (1500 GMT).

* Nokia is to partner with China Mobile , the world's biggest operator, to launch a version of its flagship Lumia smartphone tailored for the world's largest market. U.S.-listed shares of Nokia rose 2.9 percent to $3.54 in premarket trading.

* S&P 500 futures rose 3.7 points and were above fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract. Dow Jones industrial average futures rose 41 points, and Nasdaq 100 futures added 2.25 points.

* Repsol filed a U.S. lawsuit to block Chevron Corp's deal with Argentina's YPF, ramping up the Spanish oil company's legal response to the loss of its assets in Argentina.

* Pandora Media Inc lowered its fourth-quarter earnings forecast, blaming a pull-back by advertisers on concerns about the U.S. budget, but analysts suggested it was due more to increasing competition.

* The U.S. Senate on Tuesday voted 98-0 to approve a wide-ranging defense bill that authorizes $631.4 billion in funding for the U.S. military, the war in Afghanistan and nuclear weapons.

* Walt Disney gave a much needed boost to Netflix , becoming the first major Hollywood studio to use the video service to bypass premium channels like HBO that traditionally controlled the delivery of movies to TV subscribers.

* The U.S. securities regulator is investigating a $10 million stock sale in March by Steven Fishman, chief executive of close-out retailer Big Lots Inc, who announced his retirement on Tuesday, the Wall Street Journal reported, citing a person familiar with the inquiry.

* U.S. stocks finished slightly lower in quiet trading Tuesday as the back-and-forth wrangling over the U.S. budget gave investors little reason to act.

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