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NEW YORK (CNNMoney) -- U.S. stock futures were higher Thursday, ahead of a busy day packed with key economic reports, speeches from Federal Reserve officials and events overseas.
Early Thursday, investors were already mulling over global headlines. China's ruling Communist Party named its next seven leaders, the eurozone officially entered a double-dip recession and Israel launched a series of blistering air strikes Wednesday on what it said were terrorist targets in Gaza.
In the United States, investors are looking ahead to reports on initial jobless claims, inflation and manufacturing. However, above all else, fiscal cliff fears remain a heightened concern for market participants.
"With expected tax increases, investors are looking for opportunities to sell as opposed to reasons to buy," said Jay Feuerstein, CEO and CIO of 2100 Xenon. "Our stock market tries to rally and then by midday falls flat. I'm looking for any news or hint of conciliation politically, otherwise I think it's dangerous trading."
President Obama met with CEOs Wednesday to discuss the fiscal cliff and is scheduled to meet with Congressional leaders Friday.
The report on initial jobless claims, due at 8:30 a.m. ET, is expected to show 388,000 people filed for their first week of unemployment benefits last week. But the data has recently been distorted by Superstorm Sandy.
Meanwhile, the Consumer Price Index is expected to show inflation remained tame in October, ticking up 0.1% during the month.
The Federal Reserve Bank of Philadelphia will release its monthly manufacturing survey at 10 a.m. ET.
Around 1:20 p.m. ET, Federal Reserve Chairman Ben Bernanke is due to deliver remarks on the housing market at an event in Atlanta. Regional Fed presidents Jeffrey Lacker of Richmond, Charles Evans of Chicago, Richard Fisher of Dallas and Charles Plosser of Philadelphia are also scheduled to give speeches Thursday.
U.S. stocks fell more than 1% Wednesday.
Fear & Greed Index
The eurozone officially slipped into recession in the third quarter, as official figures showed growth among the 17 euro countries shrinking 0.1%. It's the second recession in the area since 2009.
European stocks were lower Thursday morning. Britain's FTSE 100 shed 0.4%, the DAX in Germany lost 0.5% and France's CAC 40 fell 0.2%.
Full coverage on Europe's Debt Crisis
On Thursday, China's ruling Communist Party named seven men to its powerful Politburo Standing Committee in a highly orchestrated ceremony that emphasized party unity and held out little immediate prospect of bolder economic reforms.
Asian markets ended mixed. The Shanghai Composite dropped 1.2% and the Hang Seng in Hong Kong dropped 1.5%%, while Japan's Nikkei surged 1.9%.
Related: Meet China's new leaders
In the United States, discount retailers Wal-Mart (WMT, Fortune 500) and Target (TGT, Fortune 500) are scheduled to release their quarterly results in the morning.
Wal-Mart is expected to report quarterly earnings of $1.07 a share on $115 billion in sales, according to a survey of analysts by Thomson Reuters, while Target is seen posting earnings of 77 cents a share on $16.9 billion in revenue.
Shares of data management firm NetApp (NTAP, Fortune 500) and pet services firm PetSmart (PETM, Fortune 500) surged in after-hours trading Wednesday after the companies reported quarterly earnings that beat expectations.
Currencies and commodities: The dollar fell against the euro and the British pound, but rose against the Japanese yen.
Oil for December delivery fell 7 cents to $86.25 a barrel.
Gold futures for December delivery fell $5.80 to $1,724.30 an ounce.
Bonds: The price on the benchmark 10-year U.S. Treasury fell, pushing the yield up to 1.61% from 1.59% late Wednesday.
First Published: November 15, 2012: 6:14 AM ET
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