Stock index futures pointed to U.S. shares mostly extending their gains on Wednesday, with the Dow Jones industrial average <.DJI> having hit a 14-month closing high in the previous session.

At 0845 GMT (3:45 a.m. EST), futures for the Dow Jones and S&P 500 were up 0.1 and 0.2 percent respectively; those for the Nasdaq were flat.

The FTSEurofirst 300 <.FTEU3> index of leading European shares was up 0.3 percent at 1,103.78 points, with telecoms gaining. The European benchmark rose 2.6 percent on Tuesday, recording its biggest daily gain in four and a half months.

Indications of what markets might expect from Friday's non-farm payrolls report could emerge from the ADP National Employment private sector survey and the November Challenger Layoff report.

Analysts expect the ADP survey to show the number of private-sector job losses shrinking by nearly a quarter to 155,000. ADP data has underperformed the non-farm payroll in the last six months, analysts at 4Cast noted.

Also due out is the Federal Reserve's periodic Beige Book survey of regional U.S. economic conditions.

Crude oil inventories were probably little changed last week's projections for an increase in imports were offset by expectations for higher refinery utilization, a preliminary Reuters survey of eight analysts showed ahead of weekly inventory reports. The Energy Information Administration reports its figures at 1530 GMT (10:30 a.m. EST).

The U.S. Securities and Exchange Commission has sent at least three dozen subpoenas to hedge funds and brokerages in an expanding sweep of potential insider-trading violations, according to people familiar with the matter, said the Wall Street Journal.

At least two candidates for the top job at Bank of America Corp told directors that the giant bank should consider breaking itself up, but board members in charge of the CEO search have rejected the idea at least for now, according to people familiar with the situation, said the Wall Street Journal.

General Motors Co's board of directors fired Chief Executive Fritz Henderson on Tuesday, saying it wanted to chart a new course as the top U.S. automaker pushes ahead with its restructuring.

There are no major U.S. companies due to report.

On Tuesday, the Dow Jones industrial average climbed to its highest close in 14 months on Tuesday as a weak dollar boosted natural resource companies' shares and economic data reinforced hopes for a sustainable recovery.

Sentiment also got a lift as concerns receded about the impact of Dubai's debt trouble after news that Dubai World planned to restructure about $26 billion in debt.

The Dow Jones industrial average <.DJI> and the Standard & Poor's 500 Index <.SPX> both rose 1.2 percent on Tuesday; the Nasdaq Composite Index <.IXIC> advanced 1.5 percent.

(Reporting by Brian Gorman)

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