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Earnings in focus as stocks look to recover

U.S. stock index futures are pointing to a higher open on Wall Street on Thursday after better-than expected PMI data from China and the euro zone.

U.S. stocks are expected to reverse losses seen on Wednesday following the fatal shooting of a soldier in Ottawa and oil falling to a more-than two-year low on the back of better global industrial data.

European and Asian markets were buoyed by positive purchasing manager's index (PMI) data – a good indicator of growth and business optimism -- on Thursday. In theeuro zone, composite PMI data (which includes manufacturing and services)was stronger than expected at 52.2 in October, up from 52.0 in September. In China, meanwhile, HSBC flash manufacturing PMI data rose to a three-month high of 50.4 in October, above the bank's final reading of 50.2 last month.

In the U.S., investors will be watching for jobless claims data released at 8:30 a.m. New York time, FHFA Home prices at 9:00a.m. and leading indicators are released at 10a.m.

On the earnings front,Caterpillar, MMM, General Motors, Raytheon, Untied Continental, Alaska Air, Southwest Air, JetBlue, American AirlinesGroup, Union Pacific, Comcast (CNBC's parent company), Eli Lilly, Royal Caribbean, Under Armour, Celgene, Dunkin' Brands, Pulte Group, Dr. Pepper Snapple, Imax and Brunswick report before the bell.

Credit Suisse reported third-quarter net profit above analyst forecasts as investment banking revenue rose.

Microsoft and Amazon.com report after the close, as does Altera, Juniper Networks, Southwestern Energy, Flowserve, Biomarin Pharma, Altera, Cerner, DeVry and Decker's Outdoor.