European markets are set for lower open

European stocks are expected to open lower on Wednesday as investors digested China's latest purchasing managers' index (PMI) readings.

The London FTSE index is called to open 6 points lower at 6,225, the German DAX down 4 points at 10,259 and the French CAC unchanged at 4,506, according to IG.

Meanwhile in Asia, markets failed to find a common thread Wednesday after mixed signals from China's PMI data. The official PMI came in at 50.1 for May, steady with April's level and a tick above a Reuters poll forecast for 50.0. The 50-point mark separates expansion from contraction.

However, other readings of China's manufacturing and services sectors sent a less convincing message. The Caixin/Markit manufacturing PMI index, which tracks small and medium-sized enterprises, slipped to 49.2 in May.

Better-than-expected Australian growth data helped to boost the Australian dollar, however. Gross domestic product (GDP) came in well above expectations, rising 3.1 percent on-year the first quarter, compared with a Reuters poll forecast for 2.8 percent growth.

Investors are also keeping an eye on oil markets after the United Arab Emirates' oil minister put pressure on prices Tuesday by saying that oil was already correcting upwards, dampening hopes of action in Vienna where OPEC members are meeting on Thursday.