* Jobless claims, wholesale inventories data on tap
* Tiffany shares slide after earnings estimates
* Futures up: Dow 25 pts, S&P 4.2 pts, Nasdaq 5 pts
By Rodrigo Campos
NEW YORK, Jan 10 U.S. stock index futures rose
on Thursday, alongside other risk assets, as
stronger-than-expected exports in China, the world's
second-biggest economy, raised hopes for a more robust recovery
in the global economy this year.
Data showed China's export growth rebounded sharply to a
seven-month high in December, a strong finish to the year after
seven straight quarters of slowdown, even as demand from Europe
and the United States remained subdued.
Adding to the bullish sentiment, Spanish benchmark
government bond yields fell below 5 percent to a
10-month low on the back of a strong bond auction that raised
more than the target amount.
"The market's more positive and it owes a lot of that to the
Chinese economic data," said Art Hogan, managing director of
Lazard Capital Markets in New York, adding that the success of
the Spanish auction was also of note.
S&P 500 futures rose 4.2 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 25
points, and Nasdaq 100 futures added 5 points.
Traders await the Labor Department release of first-time
claims for jobless benefits for the latest week at 8:30 a.m. ET
(1330 GMT). Economists in a Reuters survey forecast a total of
365,000 new filings compared with 372,000 in the prior week.
The Commerce Department releases wholesale inventories for
November at 10:00 a.m. ET (1500 GMT). Economists expect
inventories to rise 0.3 percent, against a 0.6 percent increase
Several Federal Reserve speakers are due to speak Thursday,
including Kansas City Fed President Esther George and St. Louis
Fed President James Bullard. Market participants are likely to
pay close attention to their remarks following indications, in
the minutes of the latest Fed meeting, that the Fed may halt its
highly stimulative asset purchases this year. The program has
been one of the pillars of the strength in the equity market.
Shares of upscale jeweler Tiffany dropped 8.5
percent to $57.90 in premarket trading after it said earnings
for the year through Jan. 31 will be at the lower end of its
Molycorp shares dropped 6.4 percent to $10.10 in
premarket trading after the company said revenue and cash flow
would be lower than expected this year due to lower rare-earth
Duke Realty Corp stock fell 1.9 percent to $14.29 in
premarket trading after the company announced late on Wednesday
an offering of 30 million shares.