US STOCKS-China data, Fed comments lift futures

                                

                                
 * Chinese factory output growth surges to 19-month high
                                
 * US bond market, government offices closed for holiday
                                
 * Futures up: S&P 8 pts, Dow 68 pts, Nasdaq 16 pts
                                
 * For up-to-the-minute market news, click [STXNEWS/US]
(Updates indexes, prices, adds quote)
                                
 By Angela Moon
                                
 NEW YORK, Nov 11 (Reuters) - U.S. stock index futures
pointed to a nearly 1 percent rise at the open on Wednesday
after data from China showed the world's third-largest economy
was on track for faster growth, while comments from several
Federal Reserve officials underscored a belief that low
interest rates will remain intact.
                                
 Chinese factory output growth surged to a 19-month high in
October, signaling that it has firmly put the worst of the
global economic crisis behind it. For details, see
[ID:nPEK212006]
                                
 Top Fed officials said in a string of speeches on Tuesday
that high unemployment and reluctant consumers would likely
make a U.S. economic recovery weak and erratic.
[ID:nN10315173]
                                
 "The news out of China has raised the upbeat mood on global
economic recovery, and comments from the Fed members are making
continuous opportunities for investors to take risks," said
Peter Cardillo, chief market economist at Avalon Partners in
New York.
                                
 S&P 500 futures <SPc1> gained 8.1 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 <DJc1> rose 68
points, and Nasdaq 100 futures <NDc1> were up 15.50 points.
                                
 Japan's core machinery orders, a highly volatile series
regarded as an indicator of capital spending, also jumped 10.5
percent in September, marking the second straight month of
gains. [JPMORD=ECI] [ID:nT272938]
                                
 U.S. Treasury Secretary Timothy Geithner said on Wednesday
he "deeply" believes the United States needs to maintain a
strong dollar and said the United States was determined to
reduce its budget deficit. [ID:nT335432] But the dollar
extended its recent decline to a 15-month low against major
currencies in early trading.
                                
 Macy's Inc <M.N> shares tumbled 2.1 percent to $19.01 in
premarket trading after the company reported third-quarter
results that were stronger-than-expected but gave a gloomy
outlook on same store sales for the fourth quarter.
[ID:nWNAB4388]
                                
 Computer Sciences Corp <CSC.N>, The Progressive Corp
<PGR.N> and Applied Materials Inc <AMAT.O> are also due to
report results.
                                
 Unhappy over constraints imposed by U.S. government
overseers, American International Group Inc's <AIG.N> chief
executive, Robert Benmosche, told the company's board last week
that he was considering stepping down, the Wall Street Journal
said, citing people familiar with the matter. AIG shares fell
2.1 percent to $36.80 in premarket trading.
                                
 Toll Brothers Inc <TOL.N> gained 10 percent to $20.24
before the bell following the homebuilder's release of
preliminary results on Tuesday.
                                
 United Parcel Service Inc <UPS.N>, the world's largest
package delivery service, expects growth in its volumes next
year as the global economy gradually recovers, its chief said
on Wednesday. [ID:nSIN517117]
                                
 Wednesday's session was expected to be quiet because of the
Veterans Day holiday. The U.S. bond market and government
offices will remain closed, while other markets will trade
normally.
 (Editing by Padraic Cassidy)