PARIS (Reuters) – Stocks were indicated to open higher on Wednesday, with futures for the S&P 500 up 0.35 percent, Dow Jones up 0.43 percent and Nasdaq 100 up 0.41 percent at 4:55 a.m. EDT.
* European shares resumed a recent sharp rally on Wednesday after comments from China’s new leader boosted global growth expectations.
* Chinese Communist Party chief Xi Jinping said the country will maintain its fine-tuning of economic policies in 2013 to ensure stable economic growth, sparking a sharp rally in Chinese shares with the Shanghai Composite Index <.ssec> surging 2.9 percent.</.ssec>
* Xi listed tax reform, urbanization and allowing the market to play a bigger role in setting resource prices as among his key priorities.
* On the domestic front, investors awaited ADP’s November employment report, due at 8:15 a.m. EDT. Economists in a Reuters survey expect 125,000 jobs were created versus 158,000 in October. Other data on Wednesday include factory orders and ISM’s November non-manufacturing index, both due at 11 a.m. EDT.
* 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.
* Programmable chipmaker Altera Corp trimmed its fourth-quarter revenue expectation citing fewer orders for its older products, sending its shares down 2 percent after the bell.
* Aerovironment Inc posted a better-than-expected quarterly profit as its unmanned aircraft unit sold more fixed-price products, sending its shares up 9 percent after the bell.
* Pandora Media Inc
lowered its fourth-quarter guidance, 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 a quiet session on Tuesday as the back-and-forth wrangling over the “fiscal cliff” gave investors little reason to act.
* The Dow Jones industrial average <.dji> fell 13.82 points, or 0.11 percent, to 12,951.78 at the close. The Standard & Poor’s 500 Index <.spx> dipped 2.41 points, or 0.17 percent, to 1,407.05. The Nasdaq Composite Index <.ixic> shed 5.51 points, or 0.18 percent, to close at 2,996.69.</.ixic></.spx></.dji>
(Reporting by Blaise Robinson; Editing by John Stonestreet)
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Stock futures signal gains at open
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