* Futures up: Dow 106 pts, S&P 12.5 pts, Nasdaq 32.75 pts
By Abhiram Nandakumar
Feb 26 (Reuters) - U.S. stock index futures were higher on Friday ahead of the release of U.S. gross domestic product numbers and as China reiterated that it would not devalue its currency again but look at other means to support its economy.
* Global stocks rose as G20 leaders huddled for a two-day summit in Shanghai to find ways to kickstart growth in the global economy.
* Investors are also keeping an eye on oil prices, which have been a major driver of stocks this year. Crude was up more than 1 percent as traders closed short positions and demand for U.S. gasoline rose.
* Fourth-quarter U.S. GDP likely expanded at a 0.4 percent clip annually, below the 0.7 percent pace reported earlier, data due to be released by the Commerce Department at 8:30 a.m. ET (1330 GMT) is expected to show.
* Also scheduled for release is a report on consumer spending, which is likely to have risen 0.3 percent in January. The data is slated for release at 10 a.m.
* The data will give investors a bearing on the state of the economy as they watch for the U.S. Federal Reserve’s next move on interest rates.
* The central bank raised rates in December and Fed Chair Janet Yellen has pointed to a gradual increase through 2016 if data shows the economy is strong enough to withstand a move away from near-zero rates.
* Wall Street closed higher on Thursday, after a late recovery in oil boosted shares. The S&P 500 has fallen 4.5 percent so far this year, recovering from a more-than 10 percent fall earlier this month.
* Shares of J.C. Penney were up 8.3 percent at $9.05 premarket after the department store operator reported better-than-expected revenue.
* Gap was down 3.3 percent at $26.68 after its full-year profit forecast missed estimates.
Futures snapshot at 6:42 a.m. ET:
* Dow e-minis were up 106 points, or 0.64 percent, with 27,130 contracts changing hands.
* S&P 500 e-minis were up 12.5 points, or 0.64 percent, with 241,342 contracts traded.
* Nasdaq 100 e-minis were up 32.75 points, or 0.77 percent, on volume of 29,889 contracts. (Reporting by Abhiram Nandakumar in Bengaluru; Editing by Saumyadeb Chakrabarty)