Stock index futures rose on Tuesday after economic data out of China drew investors into an equities market that had become oversold from a technical perspective after six weeks of sharp declines.

* Inflation is still a concern in China after data showed consumer prices rose at their fastest pace in almost three years, but industrial output grew 13.3 percent from a year ago, in line with forecasts.

* China's central bank later increased the reserve requirement ratio for commercial lenders by 50 basis points.

* The European debt crisis is still in the forefront as policymakers remained divided over how to involve the private sector in Greece's next bailout package, which is expected to be finalized at a Brussels summit on June 23-24.

* S&P 500 futures rose 9.2 points and were above fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration of the contract. Dow Jones industrial average futures gained 47 points, and Nasdaq 100 futures added 11.75 points.

* Nokia notched up a rare victory against archrival Apple Inc as the iPhone maker agreed to settle a long-running dispute over patents. U.S.-traded shares of Nokia rose 3.6 percent in premarket trading.

* Car renter Avis Budget Group Inc agreed to buy London-listed Avis Europe in a $1 billion cash deal to increase its presence in markets such as India and China.

* Citigroup Inc cut its stake in India's top mortgage lender, Housing Development Finance Corp , to 9.9 percent from 11.4 percent and made a pretax profit of about $160 million.

* European stocks were up 0.7 percent in morning trade, adding to the previous session's tentative bounce, helped by the Chinese data that also fueled gains in Asian equities.

* On the U.S. macroeconomic front, investors awaited data on producer prices, retail sales and business inventories.

* U.S. stocks drifted sideways on Monday in what was seen as a temporary pause in a selloff brought on by growing fears of another economic downturn.

(Editing by Jeffrey Benkoe)

India Citigroup China