Stock futures rose on Tuesday on renewed hopes for a global economic recovery after Australia raised interest rates and in anticipation of the start of an improved earnings season.

The U.S. dollar fell against a basket of currencies, lifting commodity prices and pointed to an increase in risk appetite that also boosts equities. The U.S. dollar index <.DXY> shed 0.4 percent.

The rise in commodities prices lifted shares related to the basic materials sector. Before the bell, Alcoa Inc gained 3.1 percent to $13.83, while Caterpillar Inc , the world's largest maker of earth-moving equipment, rose more than 1 percent to $51.28.

It's all about risk appetite growing and anticipation of a decent earnings season, said Peter Cardillo, chief market economist at Avalon Partners in New York. And the interpretation that the first (G20) central bank to hike rates is an indication that the global economy is faring better than most people have expected.

Earnings season unofficially starts with Alcoa on Wednesday.

S&P 500 futures rose 9 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 gained 72 points, and Nasdaq 100 futures added 13.75 points.

Australia's central bank raised its key cash rate by 25 basis points to 3.25 percent and heralded more to come, saying it was safe to pull back on stimulus. It is the first G20 central bank to raise rates as the global financial crisis eases.

Pepsi Bottling Group Inc

, the largest bottler of PepsiCo Inc

drinks, reported a slightly higher-than-expected quarterly profit on Tuesday, helped by easing commodity costs.

Global semiconductor revenue could grow about 10 percent next year after two years of declines as new computers and smartphones boost chip demand, according to research firm Gartner.

Bank shares led European stocks higher after Bank of America-Merrill Lynch upgraded European banks to overweight. On Monday, Goldman Sachs upgraded the large-cap U.S. banking sector.

Companies reporting results on Tuesday include Yum Brands Inc .

U.S. stocks bounced back on Monday after a four-day losing streak, as optimism about upcoming earnings gathered steam and data showed the economy's critical services sector expanded for the first time since August 2008.

(Reporting by Rodrigo Campos)