* Chinese factories expand for first time since December
* U.S. Markit, ISM factory data due
* Futures up: Dow 44 pts, S&P 5 pts, Nasdaq 13 pts
By Rodrigo Campos
NEW YORK, July 1 U.S. stocks were set to kick
off the third quarter with early gains on Tuesday, after a
report showed China's factory sector expanded in June for the
first time in six months, and ahead of U.S. data expected to
show manufacturing continued to grow.
* China's final reading of the HSBC/Markit purchasing
managers' index (PMI) for June rose to 50.7 from May's 49.4,
edging past the 50-point level that separates growth from
contraction for the first time since December.
* Both Markit's and the Institute for Supply Management's
measures of factory activity in the United States are due later
in the day, at 9:45 a.m. EDT (1345 GMT) and 10:00 a.m. (1400
GMT) respectively. Also at 10:00 a.m., monthly construction
spending numbers are out and car sales are due throughout the
* S&P 500 e-mini futures were up 5 points and fair
value - a formula that evaluates pricing by taking into account
interest rates, dividends and time to expiration on the contract
- indicated a higher open. Dow Jones industrial average e-mini
futures rose 44 points and Nasdaq 100 e-mini futures
added 13 points.
* Manufacturing in Japan, the world's third-biggest economy,
also gained pace in June, fueled by improving demand at home,
but euro zone growth faltered as Germany, the region's top
* AT&T said on Monday it sold its equity in America
Movil for $5.57 billion to a company controlled by
Carlos Slim, allowing the billionaire to tighten his grip on the
giant Mexican telecoms company. AT&T said in May it would sell
its stake to help it gain regulatory approval for its purchase
* Amicus Therapeutics shares rose 9.3 percent in
premarket trading after positive research notes, including an
upgrade to outperform at Leerink, where the stock's price target
was raised to $6 from $2.50.
* Other research notes also affected stocks in premarket
trading. Urban Outfitters fell 2.6 percent after a
downgrade at Wedbush, and Netflix surged 4 percent
after being upgraded at Goldman Sachs.
(Editing by Bernadette Baum)