Stock index futures signal slight gains

(Reuters) - Stock index futures pointed to a slightly higher open to Wall Street on Wednesday, with futures for the S&P 500 up 0.12 percent, Dow Jones futures up 0.8 percent and Nasdaq 100 futures up 0.8 percent at 1032 GMT (5:32 a.m. ET).

Investors were cautious after European stocks fell in morning trade, tracking losses in commodity prices that were sparked by weak Chinese imports data and strength in the U.S. dollar.

The dollar rose marginally to hit its highest levels since late October against a basket of major currencies <.DXY> as the euro extended its losses over worries about euro zone sovereign debt.

Oil fell for a second day in a row as a result of a dollar rally, reining in the bullish effect of a surprise drop in inventories in top consumer the United States.

China's central bank also rattled investors by ordering some banks to boost reserve requirements by 0.5 of a percentage point in an apparent move to curb rapid credit growth, three industry sources told Reuters on Wednesday.

In a letter obtained by Reuters, President Obama told the G20 summit in Seoul, which is struggling to cool global currency tensions, that a strong economy is the most important contribution the United States can make to the global recovery.

Shares of financial institutions will be in focus after Britain's largest insurer Prudential Plc on Wednesday reported a better-than-expected 17 percent rise in third-quarter sales, helped by strong growth in its flagship Asian markets.

A Boeing 787 test flight made an emergency landing on Tuesday in Texas with smoke in the cabin, the first incident of its kind, putting additional scrutiny on the already delayed program.

Lenovo <0992.HK>, the world's No.4 PC brand, posted its best profit growth in four quarters, helped by its mature markets returning to profitability but warned that growth in its key China market could slow.

Key economic data set to be released on Wednesday includes U.S. weekly jobless claims and the international trade balance for September.

On the earnings front Cisco Systems , Macy's Inc. and Polo Ralph Lauren Corp. are all expected to report profits, through Ralph Lauren's are expected to be down compared to last year.

European shares fell on Wednesday from two-year highs on the back of the Chinese import data, led by mining stocks, but a rise in defensive utilities shares helped limit the drop.

Wall Street fell for a second day on Tuesday as selling accelerated into the close, led by sharp losses in bank and metal stocks.

The Dow Jones industrial average <.DJI> slid 60.09 points, or 0.53 percent, to 11,346.75. The Standard & Poor's 500 Index <.SPX> dropped 9.85 points, or 0.81 percent, to 1,213.40. The Nasdaq Composite Index <.IXIC> lost 17.07 points, or 0.66 percent, to close at 2,562.98.

(Editing by Jon Loades-Carter)