Stock index futures pointed to a bounce at the open on Wall Street on Tuesday, with futures for the S&P 500 up 0.9 percent, Dow Jones futures up 0.5 percent and Nasdaq 100 futures up 0.7 percent at 0900 GMT (5 a.m. ET).

Nokia notched up a rare victory against arch-rival Apple as the iPhone maker agreed to settle a long-running row over patents. Apple shares traded in Frankfurt were up 0.3 percent while Nokia stock gained 2.7 percent.

Car rental firm Avis Budget has agreed to buy its European namesake in a $1 billion cash deal to increase its presence in rapidly growing international markets, including India and China.

A top NYSE Euronext executive said the U.S.-based exchange's merger with Germany's Deutsche Boerse AG would lead to more job losses outside the United States than inside the country, in the short term.

Hewlett-Packard Co moved a veteran executive onto its board and announced the departure of two senior officers in a major ongoing management shake-up, and put new focus on China and India.

The U.S. Federal Trade Commission has requested additional information on Israel-based Teva Pharmaceutical Industries Ltd's planned acquisition of U.S. drugmaker Cephalon Inc .

Citigroup said on Tuesday it had cut its stake in India's top mortgage lender, Housing Development Finance Corp , to 9.9 percent from 11.4 percent in a deal giving it a pretax profit of about $160 million.

Hong Kong Airlines Ltd said it will announce orders for Airbus Industrie and Boeing Co aircraft, including a single-digit number of Airbus A380 jets, at the Paris Airshow next week.

The board of Dutch financial services group ING Groep NV is expected to decide on Wednesday on a buyer for its U.S. online-banking business, the Wall Street Journal reports on Tuesday.

European stocks were up 0.8 percent in morning trade, adding to the previous session's tentative bounce, helped by Chinese macroeconomic data that fueled gains in Asian equities while a number of investors see attractive valuations after a six-week retreat.

Chinese inflation figures and industrial output provided some relief that the world's second biggest economy would not have to aggressively increase monetary tightening, boosting appetite for risky assets. Analysts said the figures suggested China's economy was slowing down but not too quickly, leaving room for Beijing to focus on fighting inflation.

Asian shares rose after the data, with Tokyo's Nikkei stock average <.225> gaining 1.1 percent. <.T>

China's central bank later increased the reserve requirement ratio for its commercial lenders by 50 basis points.

On the macro front, investors awaited the Producer Price Index, retail sales and business inventory data.

U.S. stocks drifted sideways on Monday, in what is likely a temporary pause in a sell-off brought on by growing fears of another economic downturn.

The Dow Jones industrial average gained 1.06 points, or 0.01 percent, to end at 11,952.97. The Standard & Poor's 500 Index added just 0.85 of a point, or 0.07 percent, to 1,271.83. But the Nasdaq Composite Index dropped 4.04 points, or 0.15 percent, to close at 2,639.69.

(Reporting by Blaise Robinson; Editing by Hans Peters)