US inflation data in focus and earnings

European markets jumped at the open after the European Union announced retaliatory tariffs on U.S. imports of steel and aluminum.

The regional Stoxx 600 was 0.6% higher shortly after the opening bell, with all major bourses in positive territory.

Regional investors will also be monitoring any developments on a possible ceasefire for Ukraine, as well as corporate earnings, with clothing giants Inditex and Puma and carmaker Porsche updating investors on their finances.

Market sentiment in the region was boosted Tuesday as talks between U.S. and Ukrainian officials in Saudi Arabia on Tuesday ended with Ukraine agreeing to an immediate 30-day ceasefire negotiated by the U.S. if Russia accepts the plan.

As part of the plan, the U.S. lifted its pause on military aid to the country, as well as intelligence-sharing. U.S. Secretary of State Marco Rubio said the ball was now in Russia’s court as to whether a ceasefire would be reached.

Global markets will also be focused on the latest U.S. inflation print set to be released later in the trading session. Read CNBC’s inflation preview here.

U.S. markets have been sent on a roller-coaster ride amid uncertainty around President Donald Trump’s tariffs. A 25% duty on steel and aluminum imports went into effect on Wednesday.

CNBC’s CONVERGE LIVE event kicks off in Singapore on Wednesday, with the two-day event featuring speakers and contributors from across the worlds of business, technology and politics.

On day one of the forum, we’ll be featuring fireside chats and panels with business leaders including Bridgewater founder Ray Dalio and Salesforce CEO Marc Benioff and Alec Kersman, managing director and head of Asia-Pacific at Pimco, Ángela Pérez, chairperson and CEO of Cofides and Kamal Bhatia, president and CEO of Principal Asset Management.