Futures Edge up With Focus on Greece, Fed

Stock index futures edged higher on Wednesday, following two days of sharp market losses, with developments in Greece and a U.S. monetary policy meeting in focus.

French and German leaders will aim to push for quick implementation of Athens' bailout deal after the Greek government unsettled global financial markets by calling for a referendum on a new rescue plan. The Greek prime minister George Papandreou won the backing of his cabinet to hold the referendum.

Papandreou's move triggered a slide in global stocks. The U.S. benchmark S&P 500 index fell 5.2 percent over the past two sessions, even as it closed its best month in 20 years on Monday.

S&P 500 futures rose 2.5 points and were above fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration of the contract. Dow Jones industrial average futures gained 22 points, and Nasdaq 100 futures added 1.75 points.

European shares edged 0.2 percent lower, with bank stocks down 0.3 percent after a 10.6 decline in the previous two days.

The U.S. Federal Reserve looked set to take a breather from monetary stimulus measures on Wednesday, even if financial market turbulence heightens the chances of action later.

ADP releases its October employment report at 8:15 a.m. EDT (1215 GMT). Economists in a Reuters survey expected that 101,000 jobs were created in October versus 91,000 in September.

At 2:15 p.m. EDT (1815 GMT), Fed Chairman Ben Bernanke will hold a media briefing following a two-day meeting of the Federal Open Market Committee on interest rate policy.

On the earnings front, Comcast Corp, reported results early Wednesday. Also due are Kraft Foods Inc, MasterCard Inc, Time Warner Inc and News Corp.

(Reporting by Rodrigo Campos; editing by Jeffrey Benkoe)