Futures jump on upbeat China data

* Global markets rallied including in Asia, where data showed improvement in Chinese manufacturing. European shares also rose, led by mining stocks after the Chinese data lifted hopes that demand would be strong for metals.

* The U.S. economy will be in focus, with data from the Institute for Supply Management (ISM) Index of National Factory Activity for December as well as November construction spending both due at 10 a.m. EST. The Federal Open Market Committee will release minutes from its December 13 meeting is due at 2 p.m. ET.

* November construction spending is expected to show a gain of 0.5 percent, versus 0.8 percent, according to a Reuters survey of economists. The ISM manufacturing index is forecast rising to 53.2 percent in December from 52.7 percent in the previous month.

* S&P 500 futures rose 19.4 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 jumped 205 points, and Nasdaq 100 futures advanced 38.5 points.

* The broad S&P 500 ended flat for 2011. It lost a mere 0.003 percent, the closest to unchanged since 1947, according to Standard & Poor's.

* Mining stocks will be in focus after data showed Sunday that the manufacturing sector in China, the world's largest consumer of metals, avoided contraction in December, albeit slightly.

* Starbucks Corp shares will be in view after the coffee shop chain said it was raising prices in the U.S. Northeast and Sunbelt by an average of about 1 percent.

* Jefferies & Co upgraded American Eagle Outfitters Inc and Ann Inc to "buy," saying U.S. specialty retailers could see better margins this year due to a slow but ongoing consumer recovery, combined with normalized cotton costs.

* The Thomson Reuters/PayNet small business lending index showed borrowing by small U.S. businesses hit its highest level in nearly four years in November and suggested an economy recovery was gathering momentum.

(Reporting By Angela Moon; editing by Jeffrey Benkoe)

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