Stock index futures pointed to a higher opening on Wall Street on Wednesday, with futures for the S&P 500 up 0.51 percent, Dow Jones futures up 0.35 percent and Nasdaq 100 futures up 0.47 percent at 0807 GMT (4:08 a.m. ET).
European stocks were up 2 percent in morning trade on Wednesday, bouncing back from nine-month lows hit in the previous session, as investors started to look for bargains among beaten-down stocks such as banks following a sharp six-week sell-off <.EU>. Earlier Japan's Nikkei average rose 0.7 percent, a day after tumbling to a six-month low <.T>.
But the euro remained under pressure, edging down toward a four-year low against the dollar, as worries continued to rattle investors that the euro zone debt crisis could slow the flow of credit, hit the banking sector and undermine the global economic recovery.
U.S. Treasury Secretary Timothy Geithner flew to Europe on Wednesday to press for united action to tackle a deepening debt crisis that has rekindled fears of a return to recession and sent global stocks tumbling.
The OECD's chief economist Pier Carlo Padoan told Reuters a return to recession is unlikely in the euro zone and a drop in the value of the euro should help offset the toll that debt-shrinking austerity measures takes on economic growth.
On the macro front investors awaited monthly data on durable goods orders, due at 1230 GMT, and new home sales, due at 1400 GMT.
North Korea threatened on Wednesday to close the last road link with the South if Seoul goes ahead with anti-Pyongyang propaganda broadcasts, as Washington pressured China to help persuade the North to change its ways.
U.S. digital video recording technology company TiVo Inc reported its fifth consecutive quarterly loss as the pace at which it added subscribers slowed, and said it remains confident it will prevail in a patent battle with Dish Network .
Fidelity National Information Services said its board approved a plan for the payment processing company to borrow more and use the funds to buy back as much as $2.5 billion of its shares.
Billionaire brothers Alec and Tom Gores, aiming to establish a big Hollywood presence, are talking with Walt Disney Co about buying Miramax and are also looking at Liberty Media's Overture Films, said a source familiar with the situation.
Oil rose to above $70 a barrel on Wednesday after a report showing a drop in U.S. gasoline stockpiles signaled a glut centered on the world's top consumer will ease as vehicle fuel demand reaches its summer peak.
Shares in Vertex Pharma jumped 14 percent after the bell on Tuesday after it released trial results.
After falling by more than 3 percent in early trading U.S. stocks staged a strong late-day rally on Tuesday to push the S&P 500 into positive territory as the focus shifted from European debt woes to buying after shares hit six-month lows.
The Dow Jones industrial average <.DJI> dropped 22.82 points, or 0.23 percent, to 10,043.75. But the Standard & Poor's 500 Index <.SPX> gained just 0.38 point, or 0.04 percent, to end at 1,074.03. The Nasdaq Composite Index <.IXIC> shed 2.60 points, or 0.12 percent, to 2,210.95. (Reporting by Blaise Robinson; Editing by Greg Mahlich)