US futures up ahead of economic data

Futures on major U.S. stock indices point to higher opening on Wednesday, the first trading day of December, ahead of a wave of economic data including ADP national employment report.

Futures on the S&P 500 are up 0.61 percent, futures on the Dow Jones Industrial Average are up 0.60 percent and Nasdaq100 futures are up 0.50 percent.

Global stock markets and commodities advanced as better-than-expected reports on Chinese manufacturing and U.S. consumer sentiment buoyed sentiment.

Chinese manufacturing activity expanded at the fastest pace in seven months in November signaling higher inflationary pressures in the near term in the world's second biggest economy. The U.S. Conference Board said on Tuesday that its index of consumer confidence jumped to a five-month high of 54.1 in November (well above expectations) from 49.9 in October.

Investors are likely to focus on ADP national employment report, a measure of the monthly change of nonfarm private employment, which is due at 8:15 am EDT. Economists are estimating private payrolls to rise by 58,000 in November after gaining 43,000 in October.

After the opening bell, ISM manufacturing index for the month of November will be released and is expected to show a slight deterioration in activity. Economists are forecasting that the index will be 56.40 against 56.90 in the previous month.

Other economic data including a report on nonfarm productivity will be released before the opening bell, while reports on construction spending and crude oil inventories will be released after the markets open.

On Tuesday, US stocks dropped again over fears of spreading euro zone debt crisis, although equities seemed to stabilize somewhat on mid-afternoon reports that Republican politicians agreed to compromise with President Obama on extending the George W. Bush-era tax cuts.

The euro advanced 0.63 percent to 1.3064 against the dollar and the yen declined 0.09 percent against the greenback.

Crude oil futures gained 1.03 percent to $84.98/barrel ahead of inventory data and gold futures advanced 0.38 percent.

European stock markets advanced, led by gains from banking and insurance stocks. Markets are currently trading higher with FTSE 100 up by 40.06 points, DAX30 up by 51.51 points and CAC 40 up by 12.21 points.