Stocks were set to edge higher on Wednesday, having racked up solid gains the previous session thanks to a cooler-than-expected inflation reading and news of artificial intelligence investments from Saudi Arabia.

India's wholesale inflation in April slowed to 0.85% year-on-year from 2.05% in March, government data showed on Wednesday.

President Trump repeated his call for the Federal Reserve to cut interest rates after April's inflation report was cooler than expected.

Americans saw some relief on inflation last month, though the trade war will likely push prices of everyday goods higher in the coming months. The consumer price index climbed 2.3% year over year in April,

Investors eye more trade deals, updates from President Trump’s trip to the Middle East and fresh consumer inflation data after U.S. stocks soared Monday as investors celebrated major progress on U.S.-China trade talks.

The Federal Reserve will have little reason to change its wait-and-see stance as a result of April's inflation reading from the consumer-price index. The figures were largely in line with the expectations of forecasters who closely track how the Labor Department measures inflation.

German inflation eased further to 2.2% in April, the federal statistics office said on Wednesday, confirming preliminary data.

The inflation rate in Spain decreased to 2.20% in April from 2.30% in March, meeting estimates. The Consumer Price Index in Spain increased 0.60% in April over the previous month. Core consumer prices in Spain increased 2.40% in April over the same month in the previous year.