Futures on major U.S. stock indices point to a higher opening on Wednesday, following gains in global markets, as Greece looked set to pass a series of austerity measures aimed at preventing a default.

Futures on the S&P 500 are up 0.58percent, futures on the Dow Jones Industrial Average are up 0.49 percent and Nasdaq100 futures are up 0.55 percent.

The Greek parliament will today vote today on the five year austerity plan, with further technical votes due tomorrow.

While the austerity measures, which are necessary for Greece to receive its bailout money from the EU and IMF, are expected to pass they have prompted severe unrest in the country.

Opinion polls suggest that 70 to 80 per cent of the Greek population are against the measures and thousands turned out yesterday for protests, sometimes violent, against austerity.

On the economic front, the National Association of Realtors' pending home sales index, a forward-looking indicator that looks at contracts signed for existing homes, is due to be released after the markets open. Economists expect pending home sales to rise by 0.8 percent in May after plunging 11.6 percent in April.

US stocks ended higher on Tuesday, led by gains from blue-chip stocks as signs of progress in Greece's debt crisis sparked a broad market rally.

The euro advanced 0.45 percent to 1.4436 against the dollar and the yen gained 0.13 percent against the greenback.

Crude oil futures gained 1.24 percent to $94.04/barrel and gold futures gained 0.53 percent.

European stock markets are currently trading higher with FTSE 100 up by 86.04 points, DAX30 up by 138.36 points and CAC 40 up by 76.22 points.