* Chinese manufacturing picks up, boosts commodities
* Bad weather disrupts transport in New York City
* U.S. manufacturing expected to resume slowing path
* Futures up: Dow 42 pts, S&P 5.60 pts, Nasdaq 14.25 pts
* For up-to-the-minute market news see []
By Edward Krudy
NEW YORK, Oct 1 (Reuters) - U.S. stock index futures rose
on Friday as a pick up in Chinese manufacturing eased concerns
about the state of the global economy a day after Wall Street
closed its best quarter in a year.
Chinese manufacturing picked up steam in September after a
mid-year lull, allaying fears of a slowdown in the world's
second largest economy, while global manufacturing data showed
that although growth slowed in other parts of Asia and the euro
zone, business activity was still healthy. []
In what could be a boon for resource-related stocks, the
Chinese data bolstered oil and metal prices. Copper rallied to
its highest in more than two years, while oil traded at around
a seven-month high, nearing $81 a barrel.
In premarket trading, shares in Freeport McMoRan Copper
<FCX.N> and Gold Inc rose 1.6 percent to $86.77 and
ConocoPhillips <COP.N> rose 0.9 percent to $57.97.
"There was a little bit of overnight euphoria on the
Chinese PMI data," said John Brady, senior vice president at MF
Global in Chicago. "Most European PMIs have been healthy as
well."
Public transport services in and around the New York City
were reporting delays and stoppages due to heavy rainfall. At
least one brokerage was reporting staffing issues although with
many people able to work remotely disruption should be kept to
a minimum.
S&P 500 futures <SPc1> rose 5.6 points and were below 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 <DJc1> added 42
points, and Nasdaq 100 futures <NDc1> rose 14.25 points.
Arthur Hogan, chief market analyst, Jefferies & Co in New
York said the bad weather could be disruptive.
"We had people trying to get to Boston from NYC and they
couldn't," he said. "There could be some impact on overall
volume, it might be a less productive day as things get
canceled or moved until next week."
Friday is another heavy day for economic reports.
The Chinese data comes ahead of a report expected to show
U.S. manufacturing resumed its slowing path last month in a
further indication of decoupling between emerging and developed
economies. The ISM manufacturing index at 10 a.m. (1400 GMT) is
expected to show a reading of 54.5 versus 56.3 in August,
according to a Reuters poll.
Last month the Institute for Supply Management index came
in much better than expected, helping to spark the September
rally. Investors will pay close attention to the employment
component index for an insight into how the labor market is
fairing.
Thomson Reuters/University of Michigan Surveys of Consumers
will release final September consumer sentiment index at 9.55
a.m. (1355 GMT). Economists expect a reading of 67.0 compared
with 66.6 in the preliminary September report.
At 10 a.m. (1400 GMT), the Commerce Department also
releases August construction spending. Economists in a Reuters
survey forecast a fall of 0.4 percent compared with a 1.0
percent drop in July.
In corporate news, shares in Hewlett-Packard <HPQ.N> fell
more 2.6 percent to $40.96 in premarket, resuming a slide after
the market closed on Thursday, after the company named former
SAP <SAPG.DE> Chief Executive Leo Apotheker as its new CEO and
president. []
(Additional reporting by Ryan Vlastelica)
(Reporting by Edward Krudy; Editing by Theodore d'Afflisio)
