European markets set to open higher as traders assess global trade, economic outlook

Here are the opening calls

Welcome to CNBC's live blog covering all the action in European financial markets on Wednesday, as well as the latest regional and global business news, data and earnings.

Futures data from IG suggests European markets will open higher, with London's FTSE looking set to open 0.2% higher at 8,804, Germany's DAX 0.4% higher at 23,803, France's CAC 40 up 0.5% at 7,702 and Italy's FTSE MIB up 0.6% at 39,841.

The positive start expected in Europe comes as global markets assess the status of trade talks and the prospect of deals before U.S. President Donald Trump's 90-day reprieve from higher import duties expires on July 9.

Traders are also digesting the latest comments from U.S. Federal Reserve Chair Jerome Powell, who said the central bank would have already cut interest rates if it weren't for U.S. President Donald Trump's tariff initiatives. Trump has repeatedly criticized Powell for the central bank's rate policy.

U.S. stock futures were little changed overnight, after investors began the second half with a reduced appetite for technology stocks. Singapore stocks hit a record high overnight amid mixed trading in the Asia-Pacific region.

What's coming up for markets on Wednesday

European traders will be keeping an eye on more action from the European Central Bank forum in Sintra, Portugal, on Wednesday, with ECB President Christine Lagarde due to address policymakers today.

CNBC has interviewed a number of central bank governors and officials at the forum, including ECB Chief Economist Philip Lane, Portugal's central bank Governor Mario Centeno and q

It's widely expected that the ECB will lower its key rate, the deposit facility rate, in September, after data released Tuesday showed the euro zone inflation rate hit the central bank's 2% target.

On the data front, unemployment figures are due from Spain, Italy and the wider European region.

There are no major earnings reports in Europe on Wednesday.