U.S. Stock Futures Surge on China Factory Growth

Stock futures are surging after upbeat signs of growth in China and Australia lessened worries about a global economic slowdown.

Overseas markets are rising sharply Wednesday after reports showed the pace of growth in China’s manufacturing sector rose for the first time in four months and Australia’s economy grew at its fastest pace in three years.

The sharp jump in U.S. stock futures is surprising given the domestic economic reports due out later in the morning. Traders are waiting for the Institute for Supply Management’s monthly manufacturing report and payroll company ADP’s report on private employment.

Dow Jones industrial average futures are up 90, or 0.9 percent, at 10,096. S&P 500 futures are up 11, or 1.1 percent, at 1,060, while Nasdaq 100 futures are up 25, or 1.4 percent, at 1,791.

STEPHEN BERNARD, AP Business Writer NEW YORK