Stock futures flat as investors brace for July inflation report - CNBC

Stock futures were slightly higher early on Wednesday as investors looked ahead to a key inflation report set to be released Wednesday.

Investors are awaiting the latest consumer price index report, which could confirm or dash hopes that rising prices have leveled off.

On the data front in Europe, German final July consumer price inflation came in at 7.5% year-on-year and 0.9% monthly, official figures revealed Wednesday, roughly in line with expectations.

China's consumer price index in July reached a two-year high as pork prices rebounded, according to official data released Wednesday.

The prices of pork rose by 20.2% in July from a year ago, marking the first increase since September 2020, according to data from Wind Information.

The consumer price index rose by 2.7% in July, missing expectations for a 2.9% increase, according to analysts polled by Reuters.

Market watchers are looking to July's inflation report — slated to be released later today — for clues on what the Federal Reserve will do next at its September meeting.

In addition to Wednesday's consumer price index report, markets will also digest Fedspeak from two regional bank presidents.

The July inflation report may show that prices have cooled - at least, that's what economists and investors are hoping.

Economists estimate for the July report is that the consumer price index increased only 0.2%, less than the 1.3% it jumped in June, according to Dow Jones.