German court backing of bailout fund lifts futures

NEW YORK (Reuters) - Stock index futures climbed on Wednesday after a top German court said it supported the euro zone's new 700-billion-euro bailout fund to help the region battle its debt crisis.

The German Constitutional Court allowed Germany to ratify the new rescue fund and budget, but gave parliament veto powers over any future increases in the size of the fund.

"Remarkably, we finally got something of substance out of Europe - it's amazing we've been dealing with Europe for almost three years now, it was a good ruling by the German court." said Keith Bliss, senior vice-president at Cuttone & Co in New York.

"Now, we move onto the next thing, where most people expect the Fed to come out with some sort of bond-buying program tomorrow."

European stocks rose to their highest level in 14 months and yields on Spanish and Italian debt fell after the decision. The FTSEurofirst 300 index of top European shares gained 0.3 percent.