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* The People's Bank of China said it was cutting
one-year benchmark lending rates by 40 basis points to 5.6
percent. It lowered one-year benchmark deposit rates by less -
just 25 basis points. The changes take effect from Saturday.
* China's move came after European Central Bank head Mario
Draghi said "excessively low" inflation had to be raised quickly
by whatever means necessary, kindling expectations the ECB will
move to stimulate the euro zone economy.
* Equity markets have expected other major central banks to step
up their accommodative policies as the U.S. Federal Reserve
scales down its stimulus program, which has been a pillar of a
years-long bull market on Wall Street.
* Shares of miners led gains in Europe, and U.S.-traded stocks
of global metals companies were among the most heavily traded in
premarket action. Rio Tinto, Vale and BHP Billiton rose
more than 3 percent each.
Futures snapshot at 7:28 a.m. EST (1228 GMT):
* S&P 500 e-minis were up 13.75 points, or 0.67 percent,
with 188,980 contracts changing hands.
* Nasdaq 100 e-minis were up 30 points, or 0.71 percent, in
volume of 31,191 contracts.
* Dow e-minis were up 119 points, or 0.67 percent, with 33,707
contracts changing hands.
(Editing by Bernadette Baum)
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