* Japanese production rises, US consumer data on tap
* Blizzard pushes oil up just short of 2-year high
* Futures up: Dow 13 pts, S&P 1.5 pts, Nasdaq 2.5 pts
* For up-to-the-minute market news see []
By Chuck Mikolajczak
NEW YORK, Dec 28 (Reuters) - U.S. stock index futures
climbed on Tuesday ahead of an expected higher reading on U.S.
consumer confidence, as Japanese production rose, indicating
the global economic recovery was on track and adding fuel to a
year-end rally.
Japanese factory output rose for the first time in six
months in November, and manufacturers expect to boost
production in coming months, suggesting that firm demand in
Asia will help the economy resume a recovery early next year.
For details, see []
General Motors Co <GM.N> gained 2 percent to $35.30 in
premarket trade after several analysts initiated coverage of
the automaker's shares, including "overweight" ratings at
Barclays Capital and Morgan Stanley.
Trading volumes, already light for the holiday season, were
expected to remain thin as the northeastern United States digs
itself out from a blizzard that disrupted air and rail travel
at the end of the busy Christmas weekend. For details, see
[]
The blizzard pushed oil prices up to just below a more than
two-year high struck the previous session with U.S. crude
<CLc1> for February up 25 cents at $91.25 a barrel.
[]
"We have some economic data today in which we should see a
new burst of consumer enthusiasm as consumer confidence jumps
up," said Peter Cardillo, chief market economist at Avalon
Partners in New York.
"Japan production rose, another good sign for the global
economy. So the rally should continue right up until the new
year and into the new year based on stronger economic growth
both domestically and globally in 2011."
Economic data expected for Tuesday include the S&P/Case
Shiller home prices indexes for October at 9 a.m. [],
forecast to show a month-over-month decline of 0.6 percent in a
20-city house price index, and consumer confidence for December
at 10 a.m. [], which is expected to rise to 56.0 from
November.
S&P 500 futures <SPc1> rose 1.5 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> gained 13
points, and Nasdaq 100 futures <NDc1> added 2.5 points.
MannKind Corp <MNKD.O> jumped 5.7 percent to $8.42 in
premarket trade after the inhaled-insulin developer said the
U.S. health regulator would not be able to complete the review
of Afrezza by Dec. 29 and would require about four more weeks.
[]
Nasdaq OMX Group <NDAQ.O> is considering a second stab at
setting up a market in Japan with the Osaka Securities Exchange
<8697.OS>, hoping to attract investors from emerging Asian
economies, domestic media reported. []
Shares in Japan and China eased on Tuesday as concerns that
further Chinese monetary policy tightening will cool the engine
of world economic growth. []
European shares rose on Tuesday, with Alcatel-Lucent
<ALUA.PA> leading gains in the technology sector after it
agreed to settle a bribery case, though volumes were low as the
London equity market remained closed. []
Wall Street erased losses and ended little changed on
Monday as investors shrugged off the surprise weekend interest
rate hike from China's central bank.
(Editing by Padraic Cassidy)
