Futures are rising though many investors are waiting on the sidelines for what could potentially turn into critical developments in the United States and in Europe.

Germany's high court rejected a last-minute plea Tuesday to postpone its ruling on a request to block the country's approval of a permanent bailout fund for the European Union. And global markets are focusing intensely on the U.S. Federal Reserve, whose monetary policymaking body gathers Wednesday for a two-day meeting.

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Dow Jones industrial futures are up 44 points to 13,281. The broader S&P futures have added 4.9 points to 1,431.30. Nasdaq futures are up 8.5 points to 2,793.

The Commerce Department reports the latest trade deficit figures at 8:30 a.m. Eastern. Economists expect the trade deficit grew because of the weak global economy.