By Ellis Mnyandu NEW YORK, Nov 12 (Reuters) - U.S. stock index futures were little changed on Wednesday as investors bet that Washington would provide much needed aid for the beleaguered automakers, including to General Motors (GM.N: Quote, Profile, Research, Stock Buzz) , offsetting worries about the deepening global economic slump. Signs of further loosening in the credit markets, retreating oil prices and a search for beaten-down stocks also looked set to shore up sentiment after two days of back to back losses. But there was caution about signs of trouble in the global economy. Hopes for the auto sector rescue were buoyed by U.S. House of Representatives Speaker Nancy Pelosi's bid for legislation to bail out the car makers, whose outlook has turned bleaker as their cash burn rates escalate. Pelosi on Tuesday said she was confident an emergency measure would be approved next week. For details, see [ID:nN11538789] Shares of General Motors climbed more than 13 percent to $3.30 before the bell, while Ford Motor Co (F.N: Quote, Profile, Research, Stock Buzz) jumped 5 percent in Europe. GM, Ford and Chrysler LLC are seeking $25 billion in urgent assistance. "I just think help will be coming for the automakers. The question is what are the strings attached to it," said Peter Cardillo, chief market economist at Avalon Partners in New York. "I don't think the government is going to let the big three fall by the wayside." S&P 500 futures SPc1 were 0.40 point lower but 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 DJc1 slipped 65 points, and Nasdaq 100 NDc1 lost 6 points. Investors will listen for any hint about the likely aid for the automakers when Treasury Secretary Henry Paulson holds a media briefing to provide an update on the financial rescue package in Washington at 12 p.m. (1700 GMT). There are no major economic indicators for Wednesday, while companies due to post quarterly results include chip equipment maker Applied Materials AMAT.0 and Macy's Inc (M.N: Quote, Profile, Research, Stock Buzz) , a department store operator. U.S. crude for December delivery CLc1 was off 42 cents at $58.90 a barrel. Signs that the global economic slump was deepening emerged from Europe as the Bank of England forecast the British economy will shrink sharply next year and inflation could fall to just below 1 percent in two years, suggesting further interest rate cuts to come. [ID:nLC85824] Even so, there was encouraging news about the credit markets as the interbank cost of borrowing three-month sterling, dollar and euro funds again fell on Wednesday. U.S. stocks fell on Tuesday as faltering demand at aluminum maker Alcoa (AA.N: Quote, Profile, Research, Stock Buzz) and a dismal outlook from Tyco International showed the global economic slowdown is deepening. Signs of weakness in China's economy further fed worries about the breadth of the slowdown, slashing investors' appetite for risky assets. (Editing by Kenneth Barry)

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