By Leah Schnurr
NEW YORK (Reuters) - Wall Street was poised for a strong gain at the open on Monday after upbeat Chinese factory data and a deal on global bank rules that gives lenders more time before they must raise additional capital.
Another acquisition in the technology sector added to the positive tone, with indexes eyeing a fourth straight winning session and the eighth day of gains out of nine for the S&P 500 and Dow. S&P 500 futures indicated a rise of close to 1 percent at the opening bell.
Global regulators agreed Sunday to force banks to more than triple top-quality capital reserves in hopes of preventing another credit crisis. But the new rules, known as "Basel III," provide transition periods that could extend to January 2019 or later -- more time than many bankers expected.
Bank shares boosted European markets, with the pan-European FTSEurofirst 300 <.FTEU3> gaining 0.7 percent. Among U.S. banks, Citigroup Inc
Chinese factories ramped up production in August, data showed, while a key measure of money growth easily topped expectations. The data built on recent improved sentiment in U.S. markets as worries eased over whether the economy was headed back into recession.
"The good economic news out of China is leading to some renewed optimism on the economic front," said Andre Bakhos, director of market analytics at Lek Securities in New York.
"This appears to be spurring a renewed interest in equities as investors start recognizing a recently neglected asset class that's offering a value element."
S&P 500 futures rose 8.4 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 87 points, and Nasdaq 100 futures added 12.25 points.
Hewlett-Packard Co
British oil major BP Plc
Car rental company Hertz Global Holdings Inc
(Editing by Jeffrey Benkoe)
