European stocks were mostly higher on Wednesday as investors digested a slew of mixed earnings reports and looked ahead to the release of U.S. CPI report later in the day for directional cues.

U.K. stocks were seeing modest gains on Wednesday amid hopes that the U.S. Federal Reserve is on track to start cutting interest rates later this year.

French stocks were marginally higher in cautious trade on Wednesday after Federal Reserve chairman Jerome Powell said on Tuesday that the central bank is unlikely to raise its key interest rate to tackle elevated inflation.

German stocks traded higher on Wednesday as investors cheered mostly positive earnings results and awaited key U.S. CPI data later in the day for additional clues on the Fed's rate trajectory.

Asian stocks ended mixed on Wednesday, with Hong Kong and South Korean markets closed for Buddha's birthday.

Countdown to US CPI report is almost over. Increased risk of an upside surprise after strong PPI. US dollar on the back foot today as equities in waiting mode. China prepares to go all in to save the housing sector

Expert market comment made by senior analyst Alex Kuptsikevich of the FxPro Analyst Team: Matured altcoins are losing strength

With gold reaching near-record highs and witnessing a surge in demand for gold ETFs worldwide, it has become a focal point. However, amidst this bullish momentum, year-to-date net outflows of $5.4 billion suggest a nuanced market sentiment, indicating that some investors are taking advantage of the elevated prices.

The BoJ and MoF appear to be at odds regarding further policy rate hikes. While the MoF sought the BoJ's exit from the negative interest rate policy to advance its goal of implementing a stringent fiscal policy, the prospect of additional rate hikes poses challenges for the government.

The benchmark US 10-Year Treasury yield tumbled to 4.44% from 4.50% yesterday following a downward revision in US March Producer Prices. While April’s US PPI rose 0.5%, March’s PPI was revised down to -0.1% from 0.2% previously.