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Europe's stocks set for positive open ahead of closely watched U.S. inflation data

This is CNBC's live blog covering European markets.

European markets are heading for a positive open Wednesday as traders await the latest U.S. inflation data that will inform the Federal Reserve's decision-making on interest rate cuts.

The U.K.'s FTSE 100 index is expected to open 25 points higher at 8,221, Germany's DAX up 20 points at 20,279, France's CAC up 15 points at 7,439 and Italy's FTSE MIB up 51 points at 35,218, according to data from IG.

Trading updates are set to come from Experian and Hays on Wednesday, while data releases in focus are the latest U.K. inflation figures and German full-year gross domestic product.

Global market focus on Wednesday is on the U.S. consumer inflation index, which will be out at 8:30 a.m. ET. Economists polled by Dow Jones see headline CPI rising 0.3% on a monthly basis and gaining 2.9% over the prior 12 months.

The data will come hot on the heels of December's wholesale inflation report, which came in lighter than expected. The producer price index added just 0.2%, less than the Dow Jones consensus estimate for a 0.4% increase.

Both reports will inform the Fed's interest rate policy when it meets later this month. Fed funds futures trading suggests a near-certainty that the Fed will hold steady on interest rates at the conclusion of its two-day meeting later this month. Markets pricing also suggests a 97% chance of rates staying at their current target range of 4.25%-4.5% in March, according to the CME FedWatch Tool.

Global bond yields continue to rise as traders expect a slower pace of interest rate cuts this year, with both signs of economic strength and potential weakness ahead. Jobs data last week showed nonfarm payrolls grew much faster than expected in December, but

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