Higher open likely for the U.S markets Wednesday as U.S. stock index futures were looking up on Wednesday morning.

At 6 a.m. ET, Dow futures showed a positive open of nearly 20 points. The S&P and Nasdaq futures also moved up.

Investors are waiting for the outcome of the Federal Reserve meeting and how Chairman Jerome Powell is going to assess the economic scene. Fed will release a statement at 1800 GMT and a press conference by Chairman Powell would follow.

The momentum left by Tuesday’s rally on Wall Street after Trump’s tweet that high-level talks with the Chinese president have been planned will also grace the sessions. 

Asian stocks jump

Stocks in Asia rose Wednesday after positive developments on the U.S.-China trade front.

President Donald Trump’s Tuesday tweet that he “had a very good telephone conversation” with Chinese President Xi Jinping and an "extended meeting at the G-20 in Japan” lifted the market mood. The summit will begin on June 28. Trump’s tweet led to a rally on Wall Street.

Mainland Chinese stocks jumped and benchmark Shanghai Composite soared 0.96 percent.

Hong Kong’s Hang Seng index moved up 2.35 percent at the final hour of trading. South Korea’s Kospi rose 1.24 percent. Australia’s S&P/ASX 200 gained 1.19 percent.

Japan’s Nikkei 225 jumped 1.72 percent while the Topix index added 1.74 percent.

The European markets slipped ahead of the U.S Fed's position on interest rates. This was after the best performance on Tuesday after a speech by European Central Bank chief Mario Draghi assuring a regime of lower interest rates and bond-buying.

Trump’s proposed meeting with Chinese president boosted Wall Street and major indexes in Hong Kong and mainland China. But it failed to excite European markets.

Oil prices up

 Oil prices jumped on Wednesday, buoyed by hopes for a U.S.-China trade deal and news of economic stimulus from the European Central Bank.

Tensions in the Middle East are also supporting oil prices. Brent crude futures rose 20 cents at $62.34 a barrel by 0644 GMT. The U.S. West Texas Intermediate crude gained 20 cents to $54.10 a barrel.

 Gold slips

Gold prices fell on Wednesday after the planned renewal of Sino-U.S. trade talks, European Central Bank’s stimulus and Federal Reserve’s monetary review raised the appetite for riskier assets.

Spot gold fell 0.3 percent at $1,342.60 per ounce at 0744 GMT. U.S. gold futures plunged 0.3 percent to $1,346.60 an ounce.

“We have equity markets surging because of (U.S. President Donald) Trump tweet last night, which has taken a lot of the skepticism out of the market,” wrote Stephen Innes, SPI Asset Management’s managing partner.

Many uncertainties including Middle East tensions, a dovish Fed would support gold, Innes said.