Premarket: Markets rise, spurred by China, Europe U.S. stock index futures rose on Thursday, after economic data in Europe and China boosted hopes for the global economy and kept expectations for continued economic support from global central banks alive. China's official PMI for manufacturing rose to 50.3 in July, above expectations it would fall to 49.9 from 50.1 in June, suggesting a pick up in activity as growth in new orders increased. Adding to the optimism, Markit's Eurozone Manufacturing PMI rose to 50.3 in July from June's 48.8, revised slightly higher from a preliminary reading of 50.1 and topping the 50 threshold for growth for the first time since July 2011. But a rival HSBC report on China's manufacturing was much more gloomy, falling to 47.7 in July, the weakest reading since August 2012, from 48.2 in June and tempered growth expectations. The data kept intact expectations global central banks will retain policies designed to stimulate their respective economies. In its latest policy statement on Wednesday, the Federal Reserve gave no hint that a reduction in the pace of its bond-buying program is imminent, as the economy continues to recover but is still in need of support. Weekly initial jobless claims data is due at 8:30 a.m. Economists in a Reuters survey forecast a total of 345,000 new filings compared with 343,000 in the prior week. At 8:58 a.m., Markit releases its U.S. final Markit Manufacturing PMI for July. The index read 53.2 in the flash July report. Later in the session at 10 a.m., the Institute for Supply Management releases its July manufacturing index and the Commerce Department releases June construction spending data. Economists in a Reuters survey expect an ISM reading of 52.0 versus 50.9 in June while construction spending is forecast to show a rise of 0.4 per cent in June compared with a 0.5 per cent increase in May. The Bank of England made no changes at its second policy meeting which ended Thursday under its new governor, Mark Carney, keeping interest rates at 0.5 per cent and leaving its bond-buying program on ice. S&P 500 futures rose 11.7 points. Dow Jones industrial average futures gained 104 points, and Nasdaq 100 futures climbed 19.5 points. The benchmark S&P index has traded within 10 points of the 1,700 level for 10 straight sessions, representing a technical resistance level which could lead to more gains if significantly pierced. Yelp Inc. jumped 11.2 per cent to $46.50 in premarket trade after the consumer reviews website posted a smaller-than-expected quarterly loss and forecast third-quarter revenue above analysts" expectations. According to Thomson Reuters data through Wednesday morning, Of the 331 companies in the S&P 500 that have reported earnings to date for Q2 2013, 67.7 per cent have reported earnings above analyst expectations. JC Penney Co. climbed 8.6 per cent to $15.85 before the opening bell after the department-store operator said a media report about commercial lender CIT Group stopping funding to its suppliers are untrue, as it has been told so directly by the lender. European cyclical equities, especially miners and banks, rose on the back of encouraging Chinese manufacturing data, some strong earnings and the U.S. Federal Reserve's indication of no immediate cut in stimulus. Asian shares edged higher after China's official manufacturing activity data came in better than expected, easing some concerns of a sharp slowdown in the world's second-largest economy. Inside the Market editor Darcy Keith is away and will return.