* Strong trade data from China lifts U.S. futures
* Alcoa set to kick off earnings season after the bell
* Futures up: Dow 29 pts, S&P 500 3.6 pts, Nasdaq 4.75 pts
* For up-to-the-minute market news, click STXNEWS/US
(Updates with analyst comment)
By Edward Krudy
NEW YORK, Jan 11 (Reuters) - U.S. stock index futures rose
on Monday as China's strong trade figures stoked optimism in
the global recovery and investors anticipated a profitable
earnings report from Alcoa Inc <AA.N>.
China ended 2009 with record monthly imports of crude oil
and soybeans and a strong appetite for iron ore and copper,
while its exports rose 17.7 percent year-over-year, dwarfing a
forecast for a 4-percent rise. [] []
That helped lift commodity prices and looked set to boost
commodity related stocks. Shares in Freeport-McMoran Copper &
Gold Inc <FCX.N> rose 2.1 percent to $89.99 in premarket
trade.
After the close on Monday, aluminum giant Alcoa is expected
to post a profit of 5 cents per share, compared to a loss of 28
cents a year ago, in a report that traditionally marks the
start of earnings season. Alcoa shares rose 2.5 percent to
$17.44.
Analysts' expectations for earnings have been rising
heading into the reporting period.
"We are heading for a nice, positive earnings season, and
we'll probably see some top-line (revenue) growth," said Peter
Cardillo, chief market economist at Avalon Partners in New
York.
S&P 500 futures <SPc1> gained 3.6 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> rose by
29 points, and Nasdaq 100 futures <NDc1> gained 4.75 points.
In more bullish news from China, the world's third largest
economy said it will extend active fiscal policies into 2010
aimed at countering the global economic slowdown, the nation's
finance minister said. He also warned that departing "too
early" from those policies could harm China's economy.
[]
U.S. crude oil futures <CLc1> rose $1.13 to $83.88 a
barrel, while industrial base metals surged, with copper up
almost 3 percent. The commodities' advance was also helped by a
weaker U.S. dollar, which fell 0.7 percent to a basket of
currencies.
Citigroup Inc upgraded Chevron Corp <CVX.N> to "buy" from
"hold" as it increased its long-term oil price assumption to
$80 per barrel from $65. Citigroup said Chevron shares have the
greatest sensitivity to a change in the oil price.
On Friday, the Dow and the S&P 500 rose to a new 15-month
high, while the Nasdaq hit its highest level in 16 months.
European stocks were up 0.5 percent in morning trade, with
mining shares such as Xstrata <XTA.L> and Rio Tinto <RIO.L>
rising. Japanese markets were closed on Monday for the Coming
of Age Day.
(Editing by Padraic Cassidy)
