European markets set to open higher, shrugging off Trump's 50% metals tariffs

Good morning from London. This is CNBC’s live blog covering all the action in European financial markets on Wednesday, as well as business news, analysis, earnings and data.

Futures data from IG on Wednesday morning suggests London’sFTSEwill open 6 points higher at 8,788, Germany’sDAXup 56 points at 24,135, France’sCAC 40up 20 points at 7,780 and Italy’sFTSE MIB 60 points higher at 40,155.

U.S. tariffs are once again in focus on Wednesday after President Donald Trumpsaid last weekthat he will double tariffs on steel imports from 25% to 50% on June 4.

The European Union criticized the hike, saying such a move “undermines” its trade deal negotiations with the U.S. An EU spokesperson said that the bloc was “prepared to impose countermeasures.” A temporary 25% tariff remains for the U.K. until its trade deal with the U.S. comes into force.

Nonetheless, analysts say European steel buyers and some manufacturers could benefit from the higher metals tariffs as they could put downward pressure on steel prices in the region.

— Holly Ellyatt

It’s a quiet day for earnings and data, although Spanish and Italian services purchasing managers’ index data, which measures activity in the sector, will be released.

Poland’s central bank will also be announcing its latest monetary policy decision on Wednesday.

— Holly Ellyatt

Asia-Pacific markets advanced overnight, boosted by a tech rally on Wall Street that was led by chipmakerNvidia on Tuesday.

Shares in the artificial intelligence darling advanced nearly 3%, extending Monday’s gains and driving Nvidia’s market cappast Microsoft‘sfor the first time since January. Chip companiesBroadcom andMicron Technologyrose more than 3% and 4%, respectively.

South Korean markets also rose overnight as opposition party leaderLee Jae-myung won the presidentialelection.

Meanwhile, U.S. stock futures were little changed early Wednesday after the S&P 500 notched a second straight day of gains.

The recent comeback rally has investors increasingly confident stocks have turned a corner on tariffs, especially after a series of reversals from President Donald Trump convinced traders the White House is mainly wielding high levies as a negotiating tool.

Afederal court striking downTrump’s tariffs just last week added to hopes the market has priced in the worst of the tariffs, though they were laterreinstated temporarilyby an appeals court.

— Holly Ellyatt, Sarah Min and