European markets open to close, earnings, data and news

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European markets open to close, earnings, data and news

Sterling jumps after *** inflation print

The British pound jumped by around 0.4% against the U.S. dollar immediately after the U.K.’s annual inflation print for April was published, with the figure coming in at a hotter-than-expected 3.5%.

Sterling was 0.5% higher against the greenback by 7:27 a.m. in London, trading at around $1.346.

*** inflation jumps to 3.5% in April

Shoppers walk past a Gap Inc. clothing store in London, U.K., on Thursday, May 25, 2017.

Simon Dawson | Bloomberg | Getty Images

The U.K.’s annual inflation rate hit 3.5% in April, coming in above analyst expectations, according to data released by the Office for National Statistics on Wednesday.

Economists polled by Reuters had anticipated the consumer price index would reach 3.3% in the twelve months to April.

The latest data release comes against a recent trend of cooling inflation, with the rate of price rises slowing to 2.8% in February and 2.6% in March.

Core inflation, which excludes more volatile energy, food, alcohol and tobacco prices, rose by 3.8% in the year to April, up from 3.4% in the twelve months to March.

— Holly Ellyatt

European markets head for a flat to lower open

London at dawn.

Dukas | Universal Images Group | Getty Images

Good morning from London and welcome to CNBC’s live blog covering the latest action in European markets as well as business news, analysis, earnings and data.

Here are the opening calls on Wednesday:

European bourses are expected to open around the flatline, with London’s FTSE seen opening 5 points higher at 8,781, Germany’s DAX 1 point higher at 24,012, the French CAC 40 down 5 points at 7,933 and Italy’s FTSE MIB down 27 points at 40,548, according to data from IG.

— Holly Ellyatt

What to keep an eye out for today

British supermarket Marks & Spencer boosted pay for its frontline workers, such as shop assistants, by 15% from April 5 to May 31.

Chris Ratcliffe | Bloomberg via Getty Images

Here are a few things for investors to look out for on Wednesday.

Earnings reports are set to come from M&S, SSE, Currys and JD Sports.

On the data front, U.K. inflation figures for April will be published at 7 a.m. London time. We’ll bring you the numbers and quick analysis on the data then.

— Holly Ellyatt

Overnight action in Asia-Pacific and U.S. markets

Asia-Pacific markets traded mostly higher overnight, although Japan’s benchmark Nikkei 225 slipped 0.23% after the country reported that exports slowed for a second straight month as the country reels under U.S. President Donald Trump’s sweeping tariffs.

South Korea’s Kospi climbed 0.58%, while the small-cap Kosdaq traded 0.95% higher. Australia’s benchmark S&P/ASX 200 climbed 0.43%. Hong Kong’s Hang Seng index rose 0.45% at the open, while mainland China’s CSI 300 traded flat.

Meanwhile, in the U.S., S&P 500 futures wavered Tuesday night after a losing session on Wall Street that snapped a winning streak.

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