(fxcue news) - European stocks are seen opening flat to slightly higher on Wednesday, tracking muted cues from global markets. All eyes remain on AI darling Nvidia, which will release its fiscal second quarter results after the close of U.S. trading later in the day. The highly anticipated earnings report will provide a key test for the AI demand story. Traders also look ahead to the release of Commerce Department's report on personal income and spending for July on Friday, which includes readings on inflation said to be preferred by the Federal Reserve. Economists currently expected the report to show the annual rate of consumer price growth was unchanged at 2.5 percent. The annual rate of core consumer price is expected to tick up to 2.7 percent in July from 2.6 percent in June. With inflation nearly defeated and the job market cooling, the inflation reading could impact expectations for how quickly the Fed cuts rates. During his speech at the Jackson Hole Economic Symposium last Friday, Fed Chair Jerome Powell said the "time has come for policy to adjust" but noted the "timing and pace of rate cuts will depend on incoming data, the evolving outlook, and the balance of risks." Closer home, private sector credit data from the euro area and consumer sentiment survey results from France are awaited later in the day. Asian markets traded mostly lower as China worries persisted and Australian headline CPI came in above expectations in July. The U.S. dollar lingered at its lowest level in over a year while gold dropped about half a percent after climbing on Tuesday. Oil prices were little changed in Asian trading, after having dropped more than 2 percent in the previous session as top Wall Street banks including Goldman Sachs Group Inc. and Morgan Stanley slashed their price forecasts for next year. U.S. stocks ended little changed overnight as investors weighed geopolitical risks and awaited cues from Nvidia's earnings and upcoming inflation reading. The Dow finished marginally higher to reach a new record closing high after a measure of U.S. consumer confidence rose to a six-month high in August. The tech-heavy Nasdaq Composite and the S&P 500 both edged up by 0.2 percent. European stocks closed broadly higher on Tuesday even as weak German GDP and consumer confidence readings added to economic woes. The pan European STOXX 600 inched up 0.2 percent. The German DAX rose 0.4 percent and the U.K.'s FTSE 100 added 0.2 percent. France's CAC 40 slipped 0.3 percent after French President Emmanuel Macron refused to name a prime minister from the left-wing New Popular Front alliance (NFP).