CHINA

Wall Street stocks were set to drift lower at the open on Thursday as investors took a breather after the S&P 500 posted its best gains since August in a powerful rally.

China's economic growth will probably slow to 8 percent in 2012 and further to 7 percent in 2013 even though the government has started to relax policy, a prominent Chinese government economist said on Thursday.

The Nikkei share average surged above its 25-day moving average to a two-week high on Thursday after the world's central banks took coordinated actionto ease funding strains among banks caused by the debt crisis in Europe.

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The top pre-market NASDAQ Stock Market gainers are: Magma Design Automation, Transcept Pharmaceuticals, Yahoo, Siliconware Precision Industries, and Melco Crown Entertainment. The top pre-market NASDAQ Stock Market losers are: Lululemon Athletica, ARM Holdings, ASML Holding, Intel, and Amazon.com.

Stock index futures were little changed on Thursday after the S&P 500 posted its best gains since August in a powerful rally in the previous session.

Wells Fargo Securities said California's wholesale trade, transport and export industries have been big beneficiaries of the growing wealth of Asia and growing demand from other countries, such as Canada and Mexico.

As the world's major central banks hurriedly announced measures to ease stresses in global funding markets, China may have felt compelled to bring forward a move to relax policy that it could otherwise have delayed for a few weeks.

Stock index futures pointed to a weaker open on Wall Street on Thursday, with futures for the S&P 500 down 0.5 percent, Dow Jones futures down 0.4 percent and Nasdaq 100 futures down 0.2 percent at 4:37 a.m. ET.

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Wells Fargo Securities said California's labor market has shown some encouraging signs of improvement over the past three months, though jobs creation for much of the year has been a hit-or-miss venture.

Stock index futures pointed to a weaker open on Wall Street on Thursday, with futures for the S&P 500 down 0.5 percent, Dow Jones futures down 0.4 percent and Nasdaq 100 futures down 0.2 percent at 4:37 a.m. ET.

India's manufacturing sector expansion slowed in November as factory output grew at its slowest pace in nearly three years although export demand should provide some cheer for factories.

The world economy faces a worse situation than in 2008 and stimulating growth is the top priority, a Chinese official said on Thursday, as data showed slumping export demand stalled manufacturing in some of Asia's biggest economies.

The top after-market NASDAQ stock market gainers are: Magma Design Automation, Transcept Pharmaceuticals, Merge Healthcare, Yahoo and Exide Technologies. The top after-market NASDAQ stock market losers are: Semtech, Sonus Networks, Digital Generation, Prospect Capital and Connecticut Water Service.

Asian shares rallied to two-week highs Thursday, building on strong global gains after the world's six major central banks moved to tame a liquidity crunch for European banks by providing cheaper dollar funding.

The Sundance Film festival, the top U.S. gathering for independent cinema, on Wednesday unveiled its competitive lineup for 2012, some of which will become the most talked-about movies of the upcoming year.

Groupon Inc's shares rose more than 9 percent on Wednesday after Chief Executive Andrew Mason emerged from the company's post-IPO quiet period to share holiday sales numbers.

In an interview with the Dow Jones Newswires, the chief executive at the Irish low-cost airline said he had just returned from touring the Shanghai factory where the Commercial Airline Corporation of China, a government entity, is building a 199-seat competitor to the single-aisle Boeing A320. He was impressed.

Stocks surged on Wednesday after major central banks agreed to make cheaper dollar loans for struggling European banks to prevent the euro-zone debt woes from turning into a full-blown credit crisis.

AT&T Inc and China Telecom Corp Ltd <0728.HK> have agreed to expand their relationship in China and the United States and will look into supporting each other in other regions.