European markets set to plunge at open, following global stocks lower

(CNBC)/LONDON — European stocks are expected to open sharply lower on Wednesday, following a global dip in stocks Tuesday

London’s FTSE is seen opening 63 points lower at 6,980, Germany’s DAX down 148 points at 15,258, France’s CAC 40 down 60 points at 6,308 and Italy’s FTSE MIB 220 points lower at 24,427, according to IG

European markets look set to follow dour sentiment elsewhere; U.S. stock futures were flat in overnight trading on Tuesday ahead of more retail earnings, while stocks in Asia-Pacific slipped in Wednesday morning trade, with some markets in the region closed for holidays

Investors concerned about rising inflation will be keeping a close eye on the Federal Open Market Committee as it publishes the minutes from its April meeting on Wednesday

Minutes of the meeting could provide more clues on when the central bank could consider tapering bond purchases, a move that is expected to come before it increases interest rates

On the data front, U.K. inflation data for April is due while several European countries, including Germany, France and the Netherlands, release car registration data for April

European earnings come from E.On, which also holds an annual general meeting. Deutsche Boerse, Uniper, Experian and Premier Foods will also publish their latest results