This is CNBC's live blog covering European markets.

European markets are heading for a mixed open Wednesday as investors continued to assess the potential impact of President-elect Donald Trump's plans to hike tariffs.

The U.K.'s FTSE 100 index is expected to open 5 points higher at 8,267, Germany's DAX down 21 points at 19,285, France's CAC down 39 points at 7,160 and Italy's FTSE MIB down 173 points at 33,150, according to data from IG.

Trump said Monday that one of his first acts in office would be to impose an additional 10% tariff on all Chinese goods entering the U.S., and threatened a 25% tariff on products from Mexico and Canada, ending a regional free trade agreement.

Economists have warned of the potential inflationary impact of Trump's fiscal plan, which could see the U.S. Federal Reserve cutting interest rates at a slower pace.

Overnight, Asia-Pacific markets were mixed Wednesday, following gains on Wall Street that saw the S&P 500 and the Dow Jones Industrial Average reach new intraday and closing records.

U.S. stock futures were little changed on Wednesday morning as traders await the release of the Fed's favorite inflation gauge: the personal consumption expenditures price index.

Earnings are set to come from Easyjet and data releases include German and French consumer confidence.

A London-based hedge fund is betting against Cargojet, Canada's largest cargo airline, citing concerns about the company's aging fleet, accounting practices, and leadership style. The company did not respond to requests for comment from CNBC Pro.

Edgar Allen, founder and chief investment officer of High Ground Investment Management, revealed his firm's bearish stance on Cargojet during the Sohn investment conference earlier this month.

News that U.S. President-elect Donald Trump's plans to hike tariffs on imports from China, Canada and Mexico sent ripples across global markets Tuesday.

Peter Boockvar, chief investment officer at the U.S.-headquartered Bleakley Financial Group, revealed his take on the tariffs, as well as sectors -- and stocks -- he is watching globally.

European markets are expected to open in mixed territory Wednesday.

The U.K.'s FTSE 100 index is expected to open 5 points higher at 8,267, Germany's DAX down 21 points at 19,285, France's CAC down 39 points at 7,160 and Italy's FTSE MIB down 173 points at 33,150, according to data from IG.

Earnings are set to come from Easyjet and data releases include German and French consumer confidence figures.