European markets open higher Wednesday as investors keep their focus on earnings and monitor an upcoming Federal Reserve meeting.

The pan-European Stoxx 600 was 0.1 percent higher with most sectors trading in positive territory.

In Asia, stocks traded mixed as many bourses reopened after a public holiday. In currency markets, the dollar eased slightly early on Wednesday morning, after trading close to a four-month high. On Tuesday, strong U.S. economic data drove the currency higher.

The benchmark will remain under investors' radar as the Federal Reserve is due to start a two-day monetary policy meeting on Wednesday. Market expectations suggest that there will be no new rate hikes in the U.S., but analysts will be looking for indications as to whether that will happen shortly.

Earnings, data

Meanwhile, markets will be digesting further earnings. Novo Nordisk, Hugo Boss, Glencore, Sainsbury's, Sage and Standard Chartered are among the companies releasing their latest figures Wednesday.

In Brussels, the European Commission will unveil its first budget plan without the U.K. The proposal, which will apply from 2021 to 2027, is set to increase the seven-year budget to about 1.25 trillion euros ($ 1.5 trillion), the Financial Times reported.