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 * Global stocks rallied for the third straight session and the
dollar eked out small gains in trade gradually winding down for the
holidays.
* Oil prices edged up after an unexpected fall in U.S. inventories,
but hovered near multi-year lows as a supply glut persisted and
demand looked set to remain muted. Exxon shares were up 1.1 percent,
while Chevron rose 1.4 percent in premarket trading. [O/R]
* U.S. stock markets will have a shortened session on Thursday and
stay closed on Friday for Christmas. Trading volumes are expected to
remain relatively light through the holiday period.
* U.S. consumer spending rose by 0.3 percent last month, according
to data inadvertently released late on Tuesday, 12 hours ahead of
schedule.
* The Commerce Department will publish the full report, which
includes income and inflation data, at 8:30 a.m. ET (1330 GMT).
* Other data scheduled for Wednesday includes the University of
Michigan's consumer sentiment index, which is expected to rise to 92
in December from the preliminary 91.8 reported previously. The
report is due at 10:00 a.m.
* Wall Street rallied on Tuesday, with the Dow ending up 1 percent,
bolstered by energy stocks and after data showed the U.S. economy
grew at a fairly healthy clip in the third quarter.
* Investors will assess the economic data to get a bearing on the
Federal Reserve's next move.
* The central bank raised interest rates last week and said further
hikes would be gradual.
* Micron shares were down 6.8 percent at $13.62 in premarket trading
after the memory chip maker forecast a surprise loss for the second
quarter.
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* Celgene was up 5.5 percent at $117.24 after the drugmaker said it
settled a patent litigation over its top-selling cancer drug,
Revlimid.
* Dow component Nike was up 2.6 percent at $135.25 after the
world's largest sportwear maker reported futures orders that beat
expectations.
Futures snapshot at 6:52 a.m. ET:
* Dow e-minis were up 62 points, or 0.36 percent, with 13,341
contracts changing hands.
* S&P 500 e-minis were up 4.75 points, or 0.23 percent, with 71,766
contracts traded.
* Nasdaq 100 e-minis were up 15.5 points, or 0.34 percent, on volume
of 11,875 contracts.
(Reporting by Abhiram Nandakumar and Ankur Banerjee in Bengaluru;
Editing by Anil D'Silva)
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