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* Trump-Xi meeting at G20 in focus
* Investors await inflation data
* U.S. banks up on clearing Fed's final stress test
* Futures up: Dow 0.24%, S&P 0.20%, Nasdaq 0.06%
By Shreyashi Sanyal
June 28 (Reuters) - U.S. equity futures rose on Friday amid
growing caution ahead of a crucial meeting between Presidents
Donald Trump and Xi Jinping and the release of inflation data
that could feed into the Federal Reserve's decision on interest
rates next month.
Trump said he hoped for productive talks with the Chinese
president on their trade war, but said he had not made any
promises about a reprieve from escalating tariffs. Trump and Xi are set to meet on the sidelines of a Group of
20 summit this weekend in Japan, where the two sides will try to
resolve a dispute that has hit global growth.
However, hopes of a deal were muddied by a report on
Thursday saying Xi would give Trump a set of conditions to be
met by Washington before reaching any settlement. Sentiment was
also dampened by a threat that the United States may move ahead
with further tariffs on Chinese goods after the weekend summit.
The uncertainty in markets caused by conflicting reports on
trade in the build up to the G20 meet stalled a rally in stocks
this month, and set the bellwether S&P 500 index .SPX on pace
to post its first weekly loss in June.
Still, hopes that the Fed is ready to counter slowing growth
have helped lift the benchmark index to a record high last week.
At 7:10 a.m. ET, Dow e-minis 1YMcv1 were up 64 points, or
0.24%. S&P 500 e-minis EScv1 were up 6 points, or 0.2% and
Nasdaq 100 e-minis NQcv1 were up 4.5 points, or 0.06%.
Large-cap U.S. banks rose between 1.5% to 2.5% in premarket
trading after the Fed on Thursday approved capital plans of 16
banks, including JPMorgan Chase & CO JPM.N , Bank of America
Corp BAC.N and Citigroup Inc C.N , in its final stress test
hurdle. Investors awaited a reading of consumer prices as measured
by the personal consumption expenditures (PCE) price index for
May, which is expected to rise 0.4% from 0.3% in April.
The data, set to be released at 8:30 a.m. ET, is expected to
show that the PCE price index, excluding the volatile food and
energy components, remained at 0.2% in May, the same as April.
Apple Inc AAPL.O dipped 0.6% after the company said Jony
Ive, a close creative collaborator with the iPhone maker's
co-founder Steve Jobs, will leave later this year. Nike Inc NKE.N edged 0.4% lower after the world's largest
sportswear missed analysts' estimates for quarterly profit on
Thursday, as the company spent more on marketing and new product
launches.