LONDON, Jan 4 (Reuters) - U.S. stock index futures indicated a strong open on Wall Street on Friday ahead of non-farm payrolls data which might offer clues on the outlook for interest rates and growth in the world's largest economy.

Markets will also eye news that Barack Obama took the first step to winning the Democratic presidential nomination as Iowa kicked off state-by-state nomination battles for candidates seeking to run for U.S. president in the November 2008 election.

By 1120 GMT, S&P futures SPc1 and Dow futures DJc1 were both up 0.2 percent and Nasdaq futures NDc2 ticked up 0.1 percent. European equities traded higher.

Boeing Co (BA.N: Quote, Profile, Research) will be eyed after it reported an industry record of 1,413 firm commercial plane orders for 2007, setting up a photo-finish with rival Airbus, which reports its annual order tally later this month.

The widely anticipated non-farm payrolls data due at 1330 GMT will provide a measure of the economy's health at a time when Wall Street economists are raising their odds of a U.S. recession in 2008.

"The consensus call is for just 70,000 and our own view is not much stronger than this at 75,000," Bear Stearns said in a note.

"With the market still entertaining the thought that the Fed could ease by 50bp at the January 29/30 meeting, the numbers today could have a big bearing on these expectations."

U.S. employers are expected to have added 70,000 jobs in December, according to the average estimate of analysts polled by Reuters, down from 94,000 in November. The unemployment rate is expected to have edged up to 4.8 percent from 4.7 percent.

Brokerages are also in focus after the Wall Street Journal reported Securities regulators were probing several brokerage firms dealing with collateralized mortgage obligations.