Wall Street to open up on China exports and euro

NEW YORK (Reuters) - Stocks were set for a higher open on Thursday, boosted by confirmation of strong China export data and a climb in the euro, while jobless claims data offered no surprises.

China confirmed that exports jumped 50 percent in May, reassuring investors about the global economy in the face of the euro-zone debt crisis. Europe is China's biggest overseas market.

The number of U.S. workers filing new unemployment claims fell less than expected last week, while the trade deficit widened slightly in April, pointing to a moderate economic recovery.

"The pace of adding jobs is still somewhat slow and it is not expected. It normally takes two years after the bottom of a recession to see real jobs growth," said Fred Dickson, chief market strategist at D.A. Davidson & Co in Lake Oswego, Oregon.

S&P 500 futures rose 12.7 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 gained 94 points, and Nasdaq 100 futures were up 13.75 points.

The euro was up nearly 1 percent against the dollar as strong demand in a Spanish auction eased concerns about how the country will fund its large debt. The European Central Bank kept interest rates at 1.0 percent as expected.

"The reaction to the China data was a fairly nice bounce in the euro overnight," said Dickson. "The China data led to a bounce in the euro, led to movement up in European stocks and that spilled over to the U.S."

U.S, stocks have been closely tied to the movement in the euro as investors use the currency as a barometer for confidence in the euro-zone economy.

U.S.-listed shares of BP Plc jumped 9.4 percent to $31.95 in premarket trade, a day after tumbling to a 14-year low on concerns about what its costs will be related to the massive Gulf of Mexico oil spill.

U.S. Treasury Secretary Timothy Geithner is to testify before the U.S. Senate Finance Committee on the future of U.S. economic relations with China at 10 a.m. EDT.

The U.S. Food and Drug Administration warned Pfizer Inc about failing to quickly report serious and unexpected potential side effects from its drugs already on the market. Pfizer shares added 0.7 percent to $14.62 in premarket.

Del Monte Foods Co climbed 0.9 percent to $14.80 premarket after quarterly earnings topped expectations and it forecast profits estimates.

National Semiconductor Corp is expected to report quarterly figures later Thursday.

(Reporting by Chuck Mikolajczak; editing by Jeffrey Benkoe)

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