US STOCKS-Futures up China data; commodity stocks in focus

* Manufacturing, construction spending data due

* Investors look ahead to Fed meeting, mid-term elections

* Futures up: S&P 5.5 pts, Dow 51 pts, Nasdaq 7.25 pts

* For up-to-the-minute market news see [STXNEWS/US] (Adds Baker Hughes, Simon Property, Corning results byline, quote, updates prices)

By Angela Moon

NEW YORK, Nov 1 (Reuters) - U.S. stock index futures rose on Monday, buoyed by strong Chinese manufacturing data as investors awaited a new batch of economic reports to kick off a week marked by mid-term elections and the U.S. Federal Reserve's monetary policy meeting.

Resource-related stocks were in focus as crude oil futures jumped 0.7 percent on expectation the Fed would add monetary stimulus this week and prompt further weakness in the dollar.

Commodity prices were boosted as Chinese manufacturing expanded at the fastest pace in six months in October. Key base metals prices also rose 1.3 to 1.9 percent. For details, see [ID:nTOE6A0044]

The Institute for Supply Management releases its October manufacturing index at 10 a.m. EDT (1400 GMT). Economists in a Reuters survey expected a reading of 54.0 versus 54.4 in September.

Also at 10 a.m., the Commerce Department reports on September construction spending. Economists forecast a drop of 0.5 percent, compared with a 0.4 percent rise in the prior month.

The Fed looks likely to announce it will relaunch heavy bond buying after two days of meetings end on Wednesday. Most analysts expect the size and the scope of asset purchases to be about $100 billion a month, starting with a plan to buy $500 billion in bonds between now and early 2011.

In Tuesday's mid-term congressional elections, Republicans look set to take control of the U.S. House of Representatives, while Democrats are expected to retain control of the Senate, setting up the prospect of legislative gridlock. [ID:nUSVOTE]

"The election and the (Federal Open Market Committee)scenarios are priced in already, so it will be the economic data this week that will be changing peoples' expectations and China started that off (well), calming investors' nerves in light of China's attempt interest rates hikes ... more importantly, it is leading to weakness in the dollar that is obviously good for stocks," said Peter Boockvar, equity strategist at Miller Tabak & Co in New York.

The dollar index <.DXY> dipped 0.2 percent.

U.S. stocks ended flat Friday, but wrapped up another strong month as hopes of a new round of quantitative easing have weakened the dollar while giving a boost to risky assets such as equities and commodities.

S&P 500 futures rose 5.5 points and were above fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract. Dow Jones industrial average futures gained 51 points, and Nasdaq 100 futures rose 7.25 points.

The Commerce Department will also release September personal income and consumption data at 8:30 a.m. (1230 GMT). Economists look for a rise of 0.2 percent in September income and a 0.4 percent increase in spending. In the previous month, income rose 0.5 percent and spending increased 0.4 percent.

Corning Inc posted quarterly profit and revenue that missed estimates early Monday. The stock was down 3.1 percent at $17.71 in premarket trade. [ID:nN01127743]

Oilfield services company Baker Hughes Inc reported a surge in quarterly profit that beat expectations. Baker Hughes edged up 0.2 percent at $46.50 premarket. [ID:nN29195713]

Simon Property Group Inc , the largest U.S. mall owner, said quarterly funds from operations fell after one-time charges. [ID:nN01126955]

U.S. chipmaker Intel Corp has agreed to make chips for startup firm Achronix Semiconductor Corp, marking the first time Intel has given another company access to its most advanced production processes. [ID:nSGE6A008Z] (Reporting by Angela Moon; editing by Jeffrey Benkoe)