Stock index futures edged higher on Monday after global leaders pledged to tackle government deficits and investors looked ahead to earnings and economic data for a rebound after Wall Street's steep decline last week.

At the Group of 20 summit in Toronto over the weekend, leaders agreed to take divergent paths on ways to trim budget deficits while ensuring the global economic recovery remains intact, a reversal from the unity of past crisis-era summits.

They also softened a 2012 deadline for banks to build up higher levels of capital and liquidity.

After ending the week lower, investors are expecting a recovery as we are entering a strong earnings season and a week of important economic data, said Peter Cardillo, chief market economics tat Avalon Partners in New York.

The headlines read well from the G20, and it is certainly a step in the right direction but it is basically a good will event, and we are not going to see a major impact (on stocks).

The day's economic data includes May personal income and consumption data at 8:30 a.m. EDT. Economists in a Reuters survey forecast personal income up 0.5 percent, compared with 0.4 percent previously. The key monthly jobs report is due out Friday.

S&P 500 futures added 1.5 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 11 points, and Nasdaq 100 futures were up 4.5 points.

Last week, major stock indexes recorded their weakest performance in five weeks. The Dow index <.DJI> fell 2.9 percent, the S&P 500 was off 3.6 percent, and the Nasdaq Composite fell 3.7 percent.

President Barack Obama's efforts to win final approval for a financial regulatory reform bill looked more complicated over the weekend after a Republican senator threatened to oppose it.

Russian President Dmitry Medvedev called for a special levy on oil companies to finance a fund to help clean up environmental disasters such as BP Plc's oil spill in the Gulf of Mexico.

Financial woes may force a state-owned Dubai firm to renegotiate about 220 aircraft orders with Boeing Co and Airbus , a French newspaper reported.

Separately, Air China <601111.SS><0753.HK> said late Friday it will buy 20 Boeing 777-800 airliners for $1.4 billion.

Miners will be in the spotlight after the Australian government's hopes of defusing a dispute over a planned mining tax hit a snag when one political party vowed to block any attempt to seriously water down the tax.

European stocks rose about 1 percent Monday morning, led by the banking sector, after the G20 summit's decision on bank rules for capital and liquidity.

(Reporting by Angela Moon; editing by Jeffrey Benkoe)

Russia Dmitry Medvedev Barack obama G20