(fxcue news) - European stocks are seen opening broadly lower on Wednesday as investors await key U.S. inflation readings and the ECB rate decision. The closely watched report on U.S. consumer price inflation is due later in the day. The report is expected to show U.S. consumer prices rose by 0.2 percent for the fifth straight month in November. The annual rate of consumer price growth is expected to tick up to 2.7 percent from 2.6 percent in October. Core consumer prices, which exclude food and energy prices, are expected to increase by 0.3 percent for the fourth straight month while the annual rate of core consumer price growth is expected to remain at 3.3 percent. The CPI report along with the release of producer price inflation figures on Thursday might impact the outlook for U.S. interest rates. According to CME Group's FedWatch Tool, markets currently price in an 85 percent chance of a Fed rate cut next week. Whatever the policy decision, there is much uncertainty regarding what could happen to Fed interest rates next year. The Bank of Canada is likely to cut interest rates by half a percentage point for a second consecutive meeting later today after recent data showed Canada's jobless rate spiked to an eight-year high in November. Markets have also fully priced in a 25-bps rate cut by the European Central Bank and a 50-bps cut from the Swiss National Bank on Thursday. Asian stocks traded mixed as Chinese leaders convened an annual planning meeting in Beijing that is expected to set economic policies and growth targets for the coming year. "Changes to U.S. trade, fiscal, and immigration policies could dent growth and boost inflation in developing Asia," the Asian Development Bank said in its Asian Development Outlook report today. The dollar was marginally lower in Asian trade and gold steadied near a two-week high as traders closely monitored escalating violence in Syria. The Israeli military announced on Tuesday that it conducted approximately 480 airstrikes over the past 48 hours, targeting key military installations across Syria in the wake of President Bashar al-Assad's government collapse. Oil ticked higher ahead of a monthly report from OPEC that will provide a snapshot on the market. Traders were also reacting to media reports suggesting that the U.S. is considering stricter sanctions on Russia's oil trade to curb its war efforts, with potential measures targeting specific exports. U.S. stocks ended lower overnight, failing to sustain early gains as investors awaited the all-important CPI report that could reflect another increase in the annualized headline figure. The Dow dipped 0.4 percent while the tech-heavy Nasdaq Composite and the S&P 500 both slipped around 0.3 percent. European stocks closed lower on Tuesday to snap an eight-session losing streak as weaker-than-expected Chinese trade data signaled growing trade challenges. The pan European STOXX 600 gave up half a percent. The German DAX finished marginally lower, France's CAC 40 tumbled 1.1 percent and the U.K.'s FTSE 100 shed 0.9 percent.