Stock futures up ahead of hopes of ECB stimulus

NEW YORK (Reuters) - Stock index futures rose on Wednesday, bracing for about 1 percent jump at the open, on speculation the European Central Bank could act to stimulate the economy and stem a deepening debt crisis in the euro zone.

The ECB announces its policy decision at 7:45 a.m. EDT (1145 GMT). Though it is not widely expected to cut rates, it could signal a readiness to take some action as early as next month, given the escalating crisis in the euro zone.

Fears that the problems in Europe are hurting the global economy have also increased speculation that other major central banks could join in another global round of policy easing.

The Federal Reserve releases Beige Book of regional economic conditions at 2:00 p.m. EDT (1800 GMT).

The gains in futures also follow a steep decline in the market last week that took the S&P 500 down more than 3 percent for the week.

S&P 500 futures rose 13.9 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 added 109 points, and Nasdaq 100 futures rose 27 points.

The Labor Department releases at 8:30 a.m. EDT (1230 GMT) revised Q1 Productivity and Unit Labor Costs. Economists forecast productivity to fall 0.7 percent, versus a 0.5 percent drop in the preliminary Q1 report. Unit Labor costs are expected to rise 2.2 percent, compared with a 2.0 percent increase in the preliminary Q1 report.

General Motors' struggling European unit Opel has emerged from its worst-ever sales crisis in Germany and now expects to gradually expand its slice of the market back into the double digits, a level not seen since 2005.

Facebook Inc is making it easier for advertisers to reach the growing ranks of users on smartphones and mobile devices, taking a significant step toward addressing one of investors' most pressing concerns and broadening its appeal to marketers.

Spain said it is losing access to credit markets and appealed to its European partners to help revive its banks, a distress signal sure to intensify global pressure on Europe to move faster to the aid of its fourth-largest economy.

The European Commission will propose far-reaching powers for regulators to deal with failing banks on Wednesday, a step towards the banking union the ECB has urged to secure the euro's future.

Moody's Investors Service cut the credit ratings of six German banking groups and Austria's three largest banks on Wednesday, saying they face risks if the euro zone crisis deepens.

Stocks rose on Tuesday, recovering some ground from last week's selloff, as data showing the vast U.S. services sector improved in May outweighed investor angst about the euro zone's fiscal crisis.

(Reporting By Angela Moon, editing by Dave Zimmerman)