On Tuesday, European shares hovered just below all-time highs as investors waited for data that is expected to show a positive lift in global inflation on the back of a rapid recovery in the economy.
The pan-European STOXX 600 rose 0.3% and the Germany stock index gained 0.4% as data also showed that China's exports increased in March at a robust pace and import growth went to its highest in four years.
By 1000 GMT, European retail, travel-related and auto stocks were among the biggest gainers among the global stocks.
The benchmark STOXX 600 has rocketed to record highs this month after coming under pressure in March from rising bond yields, as central banks worldwide kept an accommodative stance on monetary policy despite fears of a recession.
The data due at 1230 GMT is likely to show the consumer price index in March increased to 0.5% after a 0.4% gain in the last month.
Markets have become complacent about the inflation question, justifying it as the'markets became more 'comfortable' with the rising inflation, said Jeffrey Halley, senior market analyst at OANDA.
We will see how 'comfortable' markets are if the CPI printing is much higher than expected. I suspect bond yields will jump in the event of an exchange with the dollar.
The European STOXX 600 has also lagged a recovery in its U.S. counterpart due to a new vaccination roll-out and a slow wave of coronavirus infections on the continent.
On Tuesday, Governor Francois Villeroy de Galhau and European Central Bank policymaker Francois Villeroy de Galhau said that France could return to normal economic growth levels by 2022.
The French bourse was up 0.4% after hitting its highest in a decade last week.
This week, attention will be on the start of the first quarter corporate earnings season with the major U.S. banks Goldman Sachs Group Inc and JPMorgan Chase Co due to report on Wednesday results.
Early in April, European earnings will jump into higher gear and analysts expect a 47.4% jump in STOXX 600 earnings per year, according to the Refinitiv IBES data. Much of the support comes from industrial cyclicals and consumer firms.
Britain's biggest sportswear retailer JD Sports jumped 3% as it forecast profit growth for this year and announced plans to increase warehouse capacity to fulfil online orders and minimise disruptions from Brexit.
The Benelux IT Solutions provider Dustin rose 3.5% after it said it would buy Centralpoint, a selling of hardware and software in the Swedish region, for 425 million euros.