European markets close higher as euro zone inflation rises

The Stoxx 600 index preliminarily closed 0.79 percent higher, with technology stocks jumping 2.62 percent. 

The European Union's Statistics Agency said Wednesday that headline price rises in the 20-nation euro zone rose to 2.6 percent in July from 2.5 percent in June. 

This comes after the euro zone's second-quarter gross domestic product came in at 0.3 percent on Tuesday, slightly higher than expected.

In the U.S., the Federal Reserve is expected to keep interest rates steady on Thursday. However, any forward guidance it provides will be more important, with markets currently pricing in a 100 percent probability of a rate cut in September.

In Asia, all eyes are on the Bank of Japan, which raised its benchmark interest rate to 0.25 percent from its previous range of 0 percent to 0.1 percent and outlined a plan to taper its bond-buying program.
 

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