US stocks look set to open sharply higher in Wednesday's trading session as investor sentiment was buoyed by encouraging inflation data released earlier in the morning.

Dow Jones Industrial Average futures were up 1.6%, S&P 500 futures were rising 1.5%, and Nasdaq futures were moving 1.7% higher.

Oil prices were moving higher, with front-month global benchmarks Brent crude futures rising 0.8% to $80.58 per barrel and US West Texas Intermediate crude futures rising 1.2% to $78.41 per barrel.

In other world markets, Japan's Nikkei edged 0.08% lower, Hong Kong's Hang Seng was up 0.3%, and China's Shanghai Composite was off 0.4%. Meanwhile in Europe's early afternoon session, the UK's FTSE 100 was rising 1%, while Germany's DAX 40 was up 1.6% and France's CAC 40 was up 1.2%.

In equities, shares of Safe & Green (SGBX) soared 195% in Wednesday's premarket session after it said it signed a binding letter of intent to acquire 100% of the outstanding securities of New Asia Holdings. OS Therapies (OSTX) jumped 61% after it said Wednesday data from a phase 2b clinical trial of the company's immunotherapy candidate to treat lung metastatic osteosarcoma showed "statistically significant results in the primary endpoint." Vision Marine Technologies' (VMAR) stock surged 46% after it said late Tuesday it filed a patent application with the US Patent and Trademark Office for its battery authentication encryption technology. Shares of Moving iMage Technologies (MITQ) advanced 32%, adding to a 1.4% gain the previous session. And Pathfinder Bancorp (PBHC) shares climbed 22% after a 1.8% loss Tuesday, while shares of Life360 (LIF) gained 4.8%, erasing a 1.6% loss from Tuesday.

On the losing side, Spyre Therapeutics' (SYRE) stock dropped 27%, adding to a 3.5% loss on Tuesday. Shares of Giftify (GIFT) tumbled 32%, more than erasing a 9% gain the previous session. Sprott Focus Trust's (FUND) stock shed 27% after a 1.8% gain on Tuesday. And shares of Li-Cycle (LICY) fell 42% after it said late Tuesday it has launched an underwritten public offering in the US to sell units consisting of common shares and warrants to buy common shares.