European stocks set to open higher; UK inflation spotlight

European stocks are set to open higher on Wednesday. The UK market is expected to rise by 4 points to 8,673. Germany’s index may go up by 38 points to reach 23,142. France's market is expected to gain 6 points to hit 8,108, and Italy's index could increase by 87 points to 38,769. It is an important day for UK markets. The UK's Finance Minister, Rachel Reeves, will give the "Spring Statement" just after midday local time. There is also fresh inflation data being released, showing a slight drop to 2.8% in February. Reeves is anticipated to announce significant spending cuts. These cuts are intended to manage a budget shortfall caused by rising borrowing costs since her previous fiscal plan was released. In other news, France will release consumer confidence figures. There are no major earnings reports set for Wednesday. European markets are showing a positive outlook, following gains in U.S. markets from the previous day. However, U.S. consumer confidence is reported to be at a 12-year low.