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European Shares Set To Open On Steady Note

European stocks are seen opening higher on Wednesday amid signs that tensions might ease in Ukraine.

The United States has reiterated its commitment to resolve the crisis through diplomatic channels, adding that it had not yet verified Russia's claim of a troop drawdown.

Russian President Vladimir Putin said Moscow is ready for talks with the United States and NATO on military transparency and other security issues.

Asian markets were broadly higher after data showed China's factory-gate inflation slowed to its slowest pace in six months in January 2022.

Gold traded flat and the dollar firmed slightly as higher U.S. producer price index data helped send U.S. benchmark bond yields higher.

Consumer and producer price figures from the U.K. are due later in the session, headlining a light day for the European economic news.

Across the Atlantic, investors await reports on retail sales, industrial production and homebuilder confidence along with the minutes of the latest Federal Reserve meeting for any potential clues on the pace of U.S. interest rate hikes.

U.S. stocks rose sharply overnight and energy prices slumped amid signs of a de-escalation in Russia-Ukraine tensions and comments from various Fed officials.

Treasury yields climbed after data showed U.S. producer prices jumped more than expected at the start of the year.

The Dow rose 1.2 percent and the S&P 500 added 1.6 percent while the tech-heavy Nasdaq Composite jumped as much as 2.5 percent.

European stocks also gained ground on Tuesday on hopes that Ukraine and Russia will avoid a full-blown conflict.

The pan European Stoxx 600 gained 1.4 percent. The German DAX rallied 2 percent, France's CAC 40 index climbed 1.9 percent and the U.K.'s FTSE 100 added 1 percent.

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