london european markets are set for a muted open on wednesday after closing may in negative territory as traders continue to assess new data on inflation and economic activity britains ftse 100 is seen around 6 points lower at 7602 germanys dax is set to gain around 48 points to 14436 and frances cac 40 is expected to nudge around 7 points higher to 6476 the paneuropean stoxx 600 index closed the month of may down 085 as concerns about inflation resurfaced following red hot consumer price prints from across the euro zone euro zone inflation hit an annual 81 in may exceeding expectations and marking a seventh consecutive record high investors are closely watching the european central bank for hints at the pace and scale of interest rate hikes required to rein in consumer prices fresh data on wednesday will include mays manufacturing pmi purchasing managers index readings from the euro zone and the uk shares in asiapacific were mixed on wednesday as a private survey showed chinese manufacturing activity contracted in may though at a slower pace than in the previous month as the countrys covid19 lockdowns continued to disrupt supply chains and soften demand us stock futures were also cautious in early premarket trade on wednesday after another choppy session on wall street the federal reserve has already given a strong indication of its rate hike intentions at its next two policy meetings in midjune and late july meaning us stocks could struggle for direction over the summer