Stock index futures pointed to a higher open on Wall Street on Monday, tracking gains in Asia and Europe on mounting hopes that the global recession is abating.

* At 4:23 a.m. EDT, futures for the S&P 500 were up 0.7 percent, Dow Jones futures were up 0.6 percent and Nasdaq 100 futures were up 0.9 percent.

* Oil topped $70 a barrel on Monday, extending the previous session's gain of nearly 4 percent, as positive Chinese economic data and gains in equities helped bolster hopes that the global economic recovery was picking up speed.

* The dollar fell broadly on Monday and hit its lowest point this year against a basket of currencies after higher oil prices, steady global stock markets and U.S. GDP data boosted investments in riskier assets.

* Asian shares climbed to an 11-month high on Monday, after Two surveys showed Chinese factory growth accelerating in July thanks to a revived domestic economy and slight pick-up in demand for its exports.

* European stocks were up 1 percent in early trade, hitting a nearly 9-month high. Banks were among the top gainers, with UBS rising 4.4 percent after reports saying the Swiss lender would not have to pay a fine as part of the settlement of a tax dispute with the United States, while HSBC and Barclays were up 3 percent and 4.7 percent, respectively, after the UK lenders posted half-year results.

* The auto sector will be in the spotlight on Monday, with investors bracing for monthly vehicle sales data. Ford Motor Co will report that its U.S. sales for July rose from a year ago on a late-month surge under the federal government's Cash for Clunkers incentive program, senior U.S. executives said on Sunday.

Ford's stock traded in Frankfurt were up 5.3 percent.

* Top U.S. officials said on Sunday it may be necessary to extend jobless benefits to firm up an economic recovery unlikely to create jobs until next year, and declined to rule out future tax increases to tame massive budget deficits.

* Former Fed Chairman Alan Greenspan said on Sunday that signs of stabilization and increased confidence in the economy could be dashed if home prices were to take another turn downward.

* On the macro front, investors will keep an eye on the ISM manufacturing index, due at 10 a.m. EDT.

* The S&P 500 ended its best five-month streak since 1938 with a slight gain on Friday as government data showed softness in consumer spending but reinforced expectations that the economic slump is abating.

* The Dow Jones industrial average <.DJI> ended up 17.15 points, or 0.19 percent, at 9,171.61. The Standard & Poor's 500 Index <.SPX> was up 0.73 point, or 0.07 percent, at 987.48. The Nasdaq Composite Index <.IXIC> was down 5.80 points, or 0.29 percent, at 1,978.50.

For the week the Dow rose 0.9 percent, the S&P 500 gained 0.8 percent and the Nasdaq added 0.6 percent. For July the Dow gained 8.6 percent, the S&P added 7.4 percent and Nasdaq rose 7.8 percent.

(Reporting by Blaise Robinson; editing by Simon Jessop)