U.S. stocks were poised for a sharply higher open on Monday as stronger economic data from China fueled optimism that the worst of the global recession was past, even as General Motors filed for bankruptcy.

U.S. consumer spending fell in April, despite the largest personal income increase in 11 months, government data showed, although the 0.1 percent drop was slightly less than the 0.2 percent fall expected by analysts surveyed by Thomson Reuters.

Basic resources and energy stocks, seen by analysts as beneficiaries of economic growth in China, rose in premarket trade. Alcoa Inc gained 4.1 percent to $9.60, while Exxon Mobil Corp added 1.2 percent to $70.20.

U.S. front month crude oil rose 2 percent to a seven-month high, extending its largest monthly gain in a decade on increased expectations for a global economic recovery.

S&P 500 futures rose 14.60 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 added 119 points, while Nasdaq 100 futures gained 16.50 points.

The one resurgent fear that the markets have responded to most dramatically is that notion that inflation is right around the corner, said Peter Kenny, managing director at Knight Equity Markets in Jersey City, New Jersey.

As long as we continue to see a number like this, it takes some of the steam out of that argument, at least in the near term.

China's manufacturing sector continued to expand moderately in May as new export orders improved, two surveys showed, adding to tentative signs that the world's third-largest economy is stabilizing.

Separately, U.S. Treasury Secretary Timothy Geithner reassured the Chinese government Monday its huge holdings of dollar assets are safe and reaffirmed his faith in a strong U.S. currency.

General Motors Corp filed for bankruptcy protection on Monday, forcing the 100-year-old automaker into a new and uncertain era of government ownership in a move some analysts said will have a far-reaching impact on the global economy.

The widely anticipated GM bankruptcy is the third largest in U.S. history and the largest ever in U.S. manufacturing.

Shares of the automaker were unchanged in premarket trade while Ford Motor Co rose 4.9 percent to $6.03.

Later today, the Commerce Department will release April construction spending at 10 a.m. <1400 GMT>. Economists surveyed by Reuters forecast spending to fall 1.3 percent compared with an 0.3 percent increase in March.

The Institute for Supply Management is to issue its May manufacturing index, also at 10 a.m. <1400 GMT>. Economists in a Reuters survey expect a reading of 42.2 versus 40.1 in April.

Prudential Financial Inc
shares shed 0.6 percent to $39.69 in premarket trade after the No. 2 U.S. life insurer said it would offer $1.25 billion of common stock after turning down aid from the U.S. Treasury's Capital Purchase Program.

U.S. stocks rose Friday to cap off their third straight monthly advance, as rising commodity prices boosted shares of natural resource companies, while a sliding dollar increased the appeal of multinationals, including Coca-Cola Co .

Since hitting a 12-year low in early March, the Dow has gained nearly 30 percent and the S&P 500 is up nearly 36 percent.

(Reporting by Chuck Mikolajczak; editing by Jeffrey Benkoe)