Futures on major U.S. stock indices point to a higher opening on Wednesday after Greek leaders said they would provide a letter of commitment to international lenders in order to secure the bailout package.
Futures on the S&P 500 are up 0.56 percent, futures on the Dow Jones Industrial Average are up 0.56 percent and Nasdaq100 futures are up 0.55 percent.
Eurozone finance ministers Wednesday scrapped a planned meeting in Brussels that they had called to approve the new bailout and a related debt restructuring plan. The continued failure of Greece’s political leaders to commit to the bailout’s tough terms after April elections has been cited as the reason for the delay in Wednesday’s scheduled meeting.
However, investors' worries over Greece eased after sources said Greek conservative party leader Antonis Samaras was expected to deliver a letter of commitment to the country's international lenders, Reuters reported.
China’s “pledge” to offer help to the eurozone via the IMF and EFSF also added to the sentiment.
On the economic front, investors are likely to focus on NY Empire State manufacturing index and industrial production, which are due to be released before market opens.
“January industrial production is expected to increase by 0.8 percent. Hiring in the manufacturing sector jumped by 50K and the average factory workweek rose to 40.9 hours (vs. 40.6 in December). Utility output will likely rebound after the 2.7 percent drop in December,” said a note from Credit Agricole CIB.
NY Empire State manufacturing index is expected to show a reading of 14.75 for the month of February compared to 13.48 in the previous month.
Crude oil futures gained 0.77 percent ahead of inventory data and gold futures rose 0.55 percent.
European markets are currently trading higher with FTSE 100 up by 12.17 points, DAX30 up by 70.12 points and CAC 40 up by 31.34 points.