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Global stocks rose as G20 leaders huddled for a two-day summit
in Shanghai to find ways to kickstart growth in the global
economy.
* Investors are also keeping an eye on oil prices, which have
been a major driver of stocks this year. Crude was up more than
1 percent as traders closed short positions and demand for U.S.
gasoline rose.
* Fourth-quarter U.S. GDP likely expanded at a 0.4 percent clip
annually, below the 0.7 percent pace reported earlier, data due
to be released by the Commerce Department at 8:30 a.m. ET is
expected to show.
* Also scheduled for release is a report on consumer spending,
which is likely to have risen 0.3 percent in January. The data
is slated for release at 10 a.m.
* The data will give investors a bearing on the state of the
economy as they watch for the U.S. Federal Reserve's next move
on interest rates.
* The central bank raised rates in December and Fed Chair Janet
Yellen has pointed to a gradual increase through 2016 if data
shows the economy is strong enough to withstand a move away from
near-zero rates.
* Wall Street closed higher on Thursday, after a late recovery
in oil boosted shares. The S&P 500 has fallen 4.5 percent so far
this year, recovering from a more-than 10 percent fall earlier
this month.
* Shares of J.C. Penney were up 8.3 percent at $9.05 premarket
after the department store operator reported
better-than-expected revenue.
* Gap was down 3.3 percent at $26.68 after its full-year
profit forecast missed estimates.
Futures snapshot at 6:42 a.m. ET:
* Dow e-minis were up 106 points, or 0.64 percent, with
27,130 contracts changing hands.
* S&P 500 e-minis were up 12.5 points, or 0.64 percent,
with 241,342 contracts traded.
* Nasdaq 100 e-minis were up 32.75 points, or 0.77 percent, on
volume of 29,889 contracts.
(Reporting by Abhiram Nandakumar in Bengaluru; Editing by
Saumyadeb Chakrabarty)
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