Futures on major U.S. indices point to higher opening on Tuesday as speculation that the European Union authorities will agree a fresh bailout for debt-laden Greece buoyed sentiment.

Futures on the S&P 500 are up 0.98 percent, futures on the Dow Jones Industrial Average are up 0.98 percent and Nasdaq-100 futures are up 1.04 percent.

A report in The Wall Street Journal suggested that Germany is considering making concessions that would lead to a new bailout for Greece, a year after the debt struck nation received its first bailout.

Without a second bailout, Greece looks set to run out of money in less than two months if it carries on with current spending levels. It has been suggested that a Greek default could be Lehman Brothers 2 in terms of its impact on the global economy and financial sector.

News that a second bailout was closer appeared to ease the concerns of investors.

On the economic front, the S&P/CaseShiller house price index for the month of March will be released before the markets open on Tuesday. The index is expected to show that house prices continued to decline at 3.4 percent compared to 3.3 percent down in the previous month.

The U.S. Conference Board will release its consumer confidence index for the month of May after the markets open. The index is expected to show a reading of 66.30 compared to 65.40 in the previous month.

The Chicago Purchasing Managers Index, which determines the economic health of the manufacturing sector in Chicago region, is expected to show a reading of 63.0 in May compared to 67.6 in April.

On the corporate front, Ferro Corp. (NYSE:FOE) shares advanced 1.04 percent to $12.68 in pre-market trading session after the company stock was upgraded to “buy” rating from “hold” rating at Deutsche Bank AG.

The euro advanced 0.83 percent to 1.4401 against the dollar and the yen declined 0.75 percent against the greenback.

Crude oil futures gained 1.73 percent to $102.33/barrel and gold futures advanced 0.10 percent.

European stock markets are currently trading higher with FTSE 100 up by 57.54 points, DAX30 up by 142.65 points and CAC 40 up by 58.16 points.