European markets mixed, Milan up 0.3% as investors await Nvidia results and Fed signals

European stock markets traded cautiously higher on Wednesday, with Milan up 0.3%, while US futures were mixed, as investors awaited Nvidia's earnings and key economic data. Paris gained 0.5%, Frankfurt 0.15%, while London fell 0.1%. Oil prices dropped 2.4% to $80.38 a barrel amid reports of advanced Iran-Oman talks on reopening the Strait of Hormuz, with natural gas also down 3.06%. The dollar strengthened against the euro and pound, while the Italian-German bond yield spread narrowed to 80.8 points. Investors are focused on Nvidia's quarterly results and the US PCE deflator index ahead of the Federal Reserve's Jackson Hole symposium starting Thursday. Energy stocks fell, while semiconductor and banking shares were mixed.