Major market ETFs, including the SPY, DIA, UYG and others, are posting solid gains in a move matching futures gains. The PowerShares QQQ (QQQQ), which tracks the technology-studded Nasdaq Composite, is up 1%.

Global stocks gained after two Chinese newspapers reported that industrial production and retail sales data due later in the week will come in ahead of economists' expectations. The papers had previously raised the curtain on economic data and issued accurate reports.

Stocks and ETFs are taking a cue from renewed Chinese growth optimism, which is also fueling the commodities rally. Global stocks were said to climb after two Chinese newspapers reported that industrial production and retail sales data due later in the week will come in ahead of economists' expectations. The papers had previously raised the curtain on economic data and issued accurate reports.

Technology Select Sector SPDR (XLK) is likely to see increased upside interest closer to the bell. Research In Motion (RIMM) is higher in pre-market trade after Goldman Sachs boosted its price target on the stock to $96 from $85 per share.

Financial stocks are posting healthy pre-market gains, continuing the advance seen after the U.S. Treasury Department said yesterday it will allow 10 banks to repay $68 billion in government bailout funds. Citi (C) is an active-volume gainer after saying it has finalized a definitive agreement with the U.S. Government and will now launch its exchange offers for publicly held convertible and non-convertible preferred and trust preferred securities.
Select Financial Sector SPDRS (XLF) is up 1.8%. The Direxion Financial Bull 3X fund (FAS) is up 3.9% and among the most actively traded banking ETFs; its bearish counterpart (FAZ) is down 3%.

The SPDR S&P Retail fund (XRT) could see increased interest closer to the bell. Home Depot (HD) is an early gainer afer saying it doesn't expect fiscal year profit to fall as dramatically as an earlier prediction.

Commodities -

The United States Oil Fund (USO) is up 1.6%. Oil futures pushed past $71 a barrel, again making new highs for the year. The July contract was last at Oil got a boost Tuesday from the Department of Energy's increase of its 2009 oil price forecast. Data on weekly energy inventories is due at 10:30 a.m. ET.

The rise in oil prices are pushing investors into precious metals as a potential inflation hedge. Gold futures rose Wednesday for a second session. Gold for August delivery was last up $9.10, or 1%, at $963.80 an ounce in early North American electronic trading. SPDR Gold Shares (GLD) is up 0.8% and among the most actively traded ETFs so far this morning. iShares COMEX Gold Trust (IAU) is flat.