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Wall Street set for slightly higher open as investors await Trump's tax plan; earnings in focus

U.S. stock index futures pointed to a slightly higher open on Wednesday as traders await a much-anticipated tax plan from the White House.

There were no major economic data reports scheduled yet U.S. President Donald Trump is due to release what he has described as a "massive" tax plan on Wednesday. U.S. stocks had surged in the previous session as Congress appeared on track to release its budget in time to avoid a government shutdown later in the week.

On the earnings front, GlaxoSmithKline, PepsiCo, Procter & Gamble and Boeing are among the major companies scheduled that reported before the bell. Amgen, PayPal, F5 Networks and Tractor Supply are all due to report after the market close.

In Europe, the pan-European Stoxx-600 index was hovering around the flatline on Wednesday. In Asia, the Shanghai Composite in China closed 0.2 percent higher, while the Nikkei in Japan closed 1.1 percent higher.

In oil markets, prices fell as the combination of increased crude supplies in the U.S. and record supplies in the rest of the world cast further doubt over OPEC's ability to sufficiently reduce a global overhang.

Brent crude traded at around $51.60 a barrel on Wednesday, down 0.96 percent, while U.S. crude was around $49.12 a barrel, down 0.91 percent.

—CNBC's Patti Domm contributed to this report