European shares rise ahead of key U.S. inflation data; Zara owner Inditex jumps 6%

LONDON — European stocks opened higher on Wednesday as investors assessed the latest trade news, corporate earnings and inflation data.

The pan-European

Inflation data is also in focus for global markets with key prints out of China overnight, and set to come from the U.S. later Wednesday and tomorrow.

S&P 500 futures rose slightly overnight, as traders turned their attention to the release of the latest producer price index. The report comes ahead of Thursday’s more closely watched consumer price index reading.

Economists expect the report to show monthly increases of 0.3% across the board, according to Dow Jones. If this materializes, it would push the annual headline CPI rate to 2.9%, while the core reading is expected to stay unchanged at 3.1%.

If these numbers come in around their estimates, the U.S. Federal Reserve to deliver another rate cut at its meeting next week.

Asia-Pacific markets meanwhile rose overnight, as investors assessed August inflation data out of China. Consumer prices in the mainland fell 0.4% year-over-year in August, according to data from the National Bureau of Statistics released Wednesday, compared with expectations of a 0.2% drop by economists polled by Reuters.

— CNBC’s Nur Hikmah Md Ali and Jeff Cox contributed to this market report.