Futures gain as global surveys boost rebound hopes

US stock index futures rose on Tuesday, as Apple share climbed and upbeat manufacturing sector surveys in China and Europe set the tone for United States factory activity data, due later in the day. Apple Inc (AAPL.O) rose 2.7% premarket, rising for the second day after its stock split took effect, as a report said the iPhone maker has asked suppliers to make at least 75 million 5G iPhones for later this year.

China's factory activity expanded at the fastest clip in nearly a decade in August and eurozone output also stayed strong last month, buoying global stocks.

ISM survey data at 10 a.m. ET (1400 GMT) is likely to show U.S. manufacturing activity expanded slightly last month after hitting a 1-1/2 year high in July. Investors will keep a close watch on the monthly U.S. jobs report due on Friday amid signs the labor market's recovery is stalling.

Wall Street's main indexes recorded their fifth straight monthly gain on Monday following massive central bank support, U.S. government aid and demand for tech-focused stocks, even as the S&P 500 and Dow finished the session lower in month-end trading. The Nasdaq and S&P 500 have set consecutive new alltime highs recently, but the blue-chip Dow is still about 4% below its February high.

Aiding sentiment, Treasury Secretary Steven Mnuchin said late on Monday the Trump administration and Senate Republicans have been in regular contact over coronavirus relief measures and a new bill will "hopefully" be unveiled next week.

At 6:12 a.m. ET, Dow eminis 1YMcv1 were down 5 points, or 0.02%. S&P 500 e-minis EScv1 were up 9.75 points, or 0.28% and Nasdaq 100 e-minis NQcv1 were up 120.75 points, or 1.00%.Among stocks, Zoom Video Communications Inc (ZM.O) surged 26.4% premarket after the video-conferencing platform raised its annual revenue forecast by more than 30% as it converted more of its huge free user base to paid subscriptions.

Meanwhile, The British pound scaled new eightmonth highs on Tuesday above $1.34 as broad-based dollar weakness deepened in the wake of the Federal Reserve's new policy framework that suggests U.S. interest rates will remain at record lows for the foreseeable future.

However, gains were capped ahead of a mid-week speech by Bank of England Governor Andrew Bailey, before the central bank's next monetary policy announcement on Sept. 17.

The pound strengthened 0.7% to $1.3459, its highest level since mid-December 2019, while it gained 0.3% against the euro to 89.01 pence. "It's still a weaker dollar that is lifting cable," MUFG strategist Lee Hardman said.

Last week, Bailey said the Bank of England appears to get the most bang for its bond-buying bucks if it goes "big and fast" at times of crisis and it has plenty of ammunition to support the UK economy through its novel coronavirus shock.

Since becoming governor in March, Bailey has overseen a 300 billionpound ($399 billion) expansion of the BoE's bond-buying programme - taking it to 745 billion pounds - and has cut its key interest rate to a record low 0.1%.