European markets jumped at the open after the European Union announced retaliatory tariffs on US steel and aluminium imports.
The regional Stoxx 600 rose 0.6% shortly after the opening bell, with all major bourses in positive territory.
Regional investors will also be watching for 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 financials.
Market sentiment in the region improved on Tuesday as talks between US and Ukrainian officials in Saudi Arabia on Tuesday ended with Ukraine agreeing to an immediate 30-day ceasefire negotiated by the US if Russia accepts the plan.
As part of the plan, the US is lifting a pause on its military aid to the country, as well as intelligence sharing. US Secretary of State Marco Rubio said it was now up to Russia to decide whether a ceasefire would be achieved.
Global markets will also be focused on the latest US inflation data due later in the trading session. Read CNBC's inflation preview here.
The U.S. market has been on a roller coaster ride amid uncertainty surrounding President Donald Trump's tariffs. A 25% tariff on steel and aluminum imports went into effect on Wednesday.
CNBC's CONVERGE LIVE kicks off in Singapore on Wednesday, with a two-day event featuring speakers and contributors from across the worlds of business, technology and politics.
The first day of the forum will feature a fireside chat and panel with business leaders, including Bridgewater founder Ray Dalio and Salesforce CEO Marc Benioff, as well as Alec Kersman, managing director and head of Asia-Pacific at Pimco, Ángela Pérez, chairman and CEO of Cofides, and Kamal Bhatia, president and CEO of Principal Asset Management.(Newsmaker23)
Source: CNBC
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