* Bank shares lifted after Basel III agreement
* Upbeat China factory data boosts economic optimism
* Futures up: Dow 87 pts, S&P 8.8 pts, Nasdaq 15.5 pts
* For up-to-the-minute market news see []
(Writes through, adds byline, quote, details)
By Leah Schnurr
NEW YORK, Sept 13 (Reuters) - U.S. stock index futures rose
strongly on Monday after upbeat Chinese factory data and a deal
on global bank rules that give lenders more time before they
must raise additional capital.
Global regulators agreed Sunday to force banks to more than
triple top-quality capital reserves in an effort to prevent
another credit crisis. But the new rules, known as "Basel III,"
give lenders transition periods that could extend to January
2019 or later -- more time than many bankers expected. For
details, see []
Bank shares boosted European markets, with the pan-European
FTSEurofirst 300 <> gaining 0.8 percent. Among U.S.
banks, Citigroup Inc <C.N> was up 1.5 percent at $3.97 in
premarket trade, while Bank of America Corp <BAC.N> rose 2.4
percent to $13.87. The Select Sector Financial SPDR <XLF.P>
added 1.5 percent to $14.75.
Chinese factories ramped up production in August, data
showed, and money growth easily topped expectations, helping to
give futures a positive tone. The data built on recent improved
sentiment in U.S. markets as worries eased over whether the
economy was headed back into recession. []
"The good economic news out of China is leading to some
renewed optimism on the economic front," said Andre Bakhos,
director of market analytics at Lek Securities in New York.
"This appears to be spurring a renewed interest in equities
as investors start recognizing a recently neglected asset class
that's offering a value element."
S&P 500 futures <SPc2> rose 8.8 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 <DJc2> gained 87
points, and Nasdaq 100 futures <NDc2> added 15.5 points.
S&P 500 futures indicated a gain of about 1 percent at the
opening bell. A positive day for the S&P 500 and Dow would
amount to a fourth straight winning session. The broad S&P 500
has rallied nearly 6 percent since the end of August.
Hewlett-Packard Co <HPQ.N> said it would buy cybersecurity
company ArcSight Inc <ARST.O> for $1.5 billion, the latest in a
series of technology-sector transactions. ArcSight surged
almost 24 percent to $43.50 after being halted, while HP was up
0.7 at $38.55. []
British oil major BP Plc <BP.L><BP.N> believes compensation
claims related to its Gulf of Mexico oil spill will be less
than the $20 billion it put into an independent claims fund,
analysts at Citigroup said after meeting with incoming Chief
Executive Bob Dudley. BP's U.S.-listed shares added 0.9 percent
to $38.57. []
Car rental company Hertz Global Holdings Inc <HTZ.N> struck
a sweetened $1.56 billion deal to buy Dollar Thrifty Automotive
Group Inc <DTG.N> on Sunday, outdoing a rival bid from Avis
Budget Group Inc <CAR.N>. Dollar Thrifty jumped 4.1 percent at
$50. []
(Editing by Jeffrey Benkoe)
