Stock futures up as China fuels growth hopes; data on tap

Published December 05, 2012

| Reuters

NEW YORK – Stock futures rose on Wednesday after comments from China's new leader boosted global growth expectations.

* Chinese Communist Party chief Xi Jinping said the country would maintain its fine-tuning of economic policies in 2013 to ensure stable economic growth. That sparked a rally in Chinese shares, with the Shanghai Composite Index surging 2.9 percent.

* Nokia is to partner with China Mobile <0941.HK>, the world's biggest operator, to launch a version of its flagship Lumia smartphone tailored for the world's largest market. U.S.-listed shares of Nokia rose 2.9 percent to $3.54 in premarket trading.

* Repsol filed a U.S. lawsuit to block Chevron Corp's deal with Argentina's YPF , ramping up the Spanish oil company's legal response to the loss of its assets in Argentina.

* Pandora Media Inc lowered its fourth-quarter earnings forecast, blaming a pull-back by advertisers on concerns about the U.S. budget, but analysts suggested it was due more to increasing competition.

* Walt Disney gave a much needed boost to Netflix , becoming the first major Hollywood studio to use the video service to bypass premium channels like HBO that traditionally controlled the delivery of movies to TV subscribers.

* The U.S. securities regulator is investigating a $10 million stock sale in March by Steven Fishman, chief executive of close-out retailer Big Lots Inc , who announced his retirement on Tuesday, the Wall Street Journal reported, citing a person familiar with the inquiry.

(Editing by Bernadette Baum)

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