* US private sector adds fewer-than-expected jobs in Nov-ADP
* Xi Jinping comments buoy hopes for economic recovery
* Nokia shares up in wake of deal with China Mobile
* Futures up: S&P 2.8 pts, Dow 41 pts, Nasdaq 1 pt
By Angela Moon
NEW YORK, Dec 5 U.S. stock index futures rose on
Wednesday after comments from China's new leader boosted global
Still, some earlier gains were trimmed after data showed
U.S. private-sector employers added 118,000 jobs in November,
shy of economists' expectations.
Chinese Communist Party chief Xi Jinping said the country
would maintain its fine-tuning of economic policies in 2013 to
ensure stable economic growth. That sparked a rally in Chinese
shares, with the Shanghai Composite Index surging 2.9
Among his key priorities, Xi listed tax reform, urbanization
and allowing the market to play a bigger role in setting
"Investors' bullish receptors were earlier tickled by
overnight events in China, where the new leadership announced a
drive towards 'urbanization', which means more infrastructure
investment," said Andrew Wilkinson, chief economic strategist at
Miller Tabak & Co in New York.
"At the same time, rules preventing insurance companies from
taking a larger stake in banking companies were relaxed."
Other data due later in the day include factory orders and
ISM's November non-manufacturing index, both at 10:00 a.m. ET
Nokia is to partner with China Mobile,
the world's biggest operator, to launch a version of its
flagship Lumia smartphone tailored for the world's largest
market. U.S.-listed shares of Nokia rose
4.1 percent to $3.58 in premarket trading.
S&P 500 futures rose 2.8 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 41
points, and Nasdaq 100 futures added 1 point.
Repsol filed a U.S. lawsuit to block Chevron Corp's
deal with Argentina's YPF, ramping up the
Spanish oil company's legal response to the loss of its assets
Pandora Media Inc lowered its fourth-quarter earnings
forecast, blaming a pull-back by advertisers on concerns about
the U.S. budget, but analysts suggested it was due more to
The U.S. Senate voted 98-0 on Tuesday to approve a
wide-ranging defense bill that authorizes $631.4 billion in
funding for the U.S. military, the war in Afghanistan and
Walt Disney gave a much needed boost to Netflix
, becoming the first major Hollywood studio to use the
video service to bypass premium channels like HBO that
traditionally controlled the delivery of movies to TV
The U.S. securities regulator is investigating a $10 million
stock sale in March by Steven Fishman, chief executive of
close-out retailer Big Lots Inc, who announced his
retirement on Tuesday, the Wall Street Journal reported, citing
a person familiar with the inquiry.
U.S. stocks finished slightly lower in quiet trading Tuesday
as the back-and-forth wrangling over the U.S. budget gave
investors little reason to act.