Stock index futures pointed to a higher open on Tuesday, a bounce from Monday's decline, as investors braced for data on new housing starts.

At 5:21 a.m. EDT, futures for the Dow Jones, S&P 500 and Nasdaq were up between 0.6 and 0.7 percent.

The FTSEurofirst 300 <.FTEU3> index of top European shares was up 0.8 percent at 929.38 points, regaining some of the ground lost on Monday, and helped by stronger-than-expected data from Germany's ZEW survey.

U.S. housing starts probably increased to a seasonally adjusted annual rate of 600,000 units last month, after rising to 582,000 units in June, according to a median forecast of 62 economists, adding to evidence that the economy is coming out of recession. It would be the third straight month of increase and the highest level in eight months.

The Producer Price Index for July is expected to register a decline of 0.3 percent after jumping twice as much as expected in June to 1.8 percent on rising energy prices.

Hewlett-Packard reports quarterly results, and could provide a jolt to technology portfolios if there are signs of improved enterprise demand.

Investors get a view of results from a complete range of retailers, the biggest of which, Target , is expected to post its eighth consecutive decline in quarterly profit. Despite falling sales, the No 2 U.S. discount retailer behind Wal-Mart has said that it has been able to protect its margins by keeping inventory down.

Home Depot is expected to report a profit of 59 cents a share for the second quarter, down from 71 cents a year earlier. In June, the world's biggest home-improvement chain said economic indicators signaled the worst of the U.S. housing correction had passed.

Pharmaceutical wholesaler Cardinal Health is among others reporting.

U.S. stocks suffered their worst loss in seven weeks on Monday as weak data from Japan and a disappointing outlook from retailer Lowe's Cos dampened hopes about the economy's growth.

* Shares of Agilent Technologies rose 2.9 percent after the closing bell on Monday after the company reported third-quarter results.

(Reporting by Brian Gorman; Editing by Hans Peters)