* China’s GDP grew 6.9 pct last year
* Banks rise on strong results from BofA, Morgan Stanley
* Tiffany slides after weak holiday sales
* Futures up: Dow 215 pts, S&P 25.25 pts, Nasdaq 56.75 pts (Adds details, comment, updates prices)
By Abhiram Nandakumar
Jan 19 (Reuters) - U.S. stock indexes looked set to open higher on Tuesday after China’s slowest annual growth rate in 25 years raised hopes of further stimulus measures from Beijing, and on strong earnings reports from Bank of America and Morgan Stanley.
China’s 2015 growth hit 6.9 percent after the fourth quarter slowed to 6.8 percent, capping a tumultuous year in which concerns about Beijing ability to rebalance the slowing economy have rattled investors across markets.
The weak growth in China also prompted the International Monetary Fund to cut its global growth forecasts for the third time in less than a year.
“The early enthusiasm is being driven by some optimism coming out of China,” said Andre Bakhos, managing director at Janlyn Capital LLC in Bernardsville, New Jersey.
“We’ve had a very erratic, choppy start to the year and the China news is going to give investors a reason to do some short covering and something to hang their hats on,” he said.
Crude prices, which are languishing near 12-year lows, were up on an uptick in Chinese oil demand. Brent was up 3.4 percent.
Wall Street is coming off a massive selloff on Friday that saw the S&P 500 sinking to its lowest since October 2014.
At 8:33 a.m. ET (1333 GMT), Dow e-minis were up 215 points, or 1.35 percent, with 148,723 contracts changing hands.
S&P 500 e-minis were up 25.25 points, or 1.35 percent, with 757,517 contracts traded. Nasdaq 100 e-minis were up 56.75 points, or 1.37 percent, on volume of 130,545 contracts.
Shares of Bank of America were up 1.9 percent at $14.73 premarket after the bank reported a 9.8 percent rise in quarterly profit.
Morgan Stanley was up 3.1 percent at $26.78 after it reported a quarterly profit, compared with a year-earlier loss, as costs plunged.
Goldman Sachs, JPMorgan, Citigroup and Wells Fargo all rose about 1.5 percent.
Investors focus is also on corporate earnings reports for a bearing on the impact of the global slowdown on results. S&P 500 companies are expected to report a 4.7 percent drop in quarterly profit, according to Thomson Reuters data.
Tiffany was down 3.9 percent at $65 after the upscale jeweler said holiday season sales fell 6 percent.
McDonald’s was up 1.6 percent at $117.08 and Procter & Gamble rose 1.8 to $76.29 after brokerages upgraded both stocks.
Yahoo was up 2.1 percent at $29.76 after Barron’s said the company’s stock could benefit from a sale of its core internet business.
AIG was up 1.5 percent at $56.95 after Carl Icahn called for the company to become a pure play property and casualty insurer.
IBM was up 1.3 percent, while Netflix rose 1.9 percent ahead of their results after the close. (Reporting by Abhiram Nandakumar in Bengaluru; Editing by Savio D‘Souza)