Europe's main stock markets are trading mixed and with small gaps at the start of trading on Wednesday, ahead of the publication of monthly inflation figures for the United States.

The Paris CAC 40 index gained 0.09% to 7,403.59 points around 07:28 GMT, torn between the results of Crédit Agricole and Alstom.

In London, the FTSE 100 gained 0.11%, while in Frankfurt, the Dax was down 0.09%.

The EuroStoxx 50 index rose by 0.05%, the FTSEurofirst 300 by 0.08% and the Stoxx 600 by 0.03%.

The monthly consumer price report, to be released by the US Department of Labor at 12:30 GMT, will reveal whether inflation in the US continued to slow in April.

It could also provide clues as to the next move in monetary policy by the Federal Reserve, which has hinted at a possible pause in its rate hike campaign following its meeting this month.

The Reuters consensus is for CPI to rise by 5% year-on-year last month, as in March, and by 5.5% excluding energy and food, after 5.6% a month earlier.

Investors are also keeping a close eye on the US debt issue.

President Joe Biden and Republican congressional leaders, led by House Speaker Kevin McCarthy, remained divided on raising the debt ceiling following a meeting at the White House on Tuesday, while the risk of a default on June 1 looms large.

In corporate news, Crédit Agricole reported better-than-expected quarterly results, buoyed by its lower cost of risk and trading activities. Its share price climbed 4.86%.

Alstom , which has postponed its medium-term targets by a year, fell back 2.16%. Moody's downgraded its rating to "BAA3" from "BAA2".

Casino dropped 2.45% after Standard & Poor's downgraded its credit rating, citing a risk of default.

In Frankfurt, Siemens Healthineers lost 6.94% after its quarterly operating profit fell by 30%, while Continental gained 3.91% following the publication of higher results. (Laetitia Volga, edited by Blandine Hénault)