A look at the day ahead in European and global markets from Tom Westbrook:

Giants of tech and luxury goods have turned in mixed reports. Microsoft (NASDAQ:MSFT) and Google parent Alphabet (NASDAQ:GOOGL) each beat forecasts, but their share prices went in opposite directions as investors zeroed in on cloud computing.

Google shares fell 6% in after-hours trade. Microsoft shares rose 4%, leaving Nasdaq 100 futures down 0.3% in Asia.

Here's the wrapup of the pair's results.

Facebook (NASDAQ:META) parent Meta reports after-market on Wednesday. Its shares had fallen on Tuesday and slipped a little further after hours as dozens of U.S. states sued the company and its Instagram business, accusing them of addicting teens.

On the luxury front Kering (EPA:PRTP), owner of Gucci and Balenciaga, reported a bigger-than-expected drop in third-quarter sales. That was worse than the slowdown reported by LVMH, and the surprise jump in sales logged by Birkin-bag maker Hermes on Tuesday, which sent its shares up 3%.

Gucci's revamped look, unveiled last month in Milan by designer Sabato De Sarno, is yet to hit stores.

European loans data and a survey of German business conditions will be closely watched later on Wednesday. Santander (BME:SAN), Deutsche Bank and Dassault Systemes also report results.

In Asia, China's plans to raise a trillion yuan ($137 billion) in sovereign debt boosted Chinese shares in anticipation of spending and lifted MSCI's broad index of Asia ex-Japan stocks away from Tuesday's 11-month low. [MKTS/GLOB]

Central Huijin's vow to buy exchange-traded funds and keep doing so was also reminiscent of similar announcements from the state fund that drove strong rallies in 2013 and 2015. [.SS]

The Aussie dollar was the main mover in the foreign exchange market, rising as surprisingly strong inflation data prompted traders to re-price the risk of another rate hike.

Just this week, RBA Governor Michele Bullock said the bank would not hesitate to raise its 4.1% cash rate if there was a "material" upward revision to the inflation outlook.

Key developments that could influence markets on Wednesday:

Economics: Euro zone lending, German business survey

Earnings: Dassault Systemes, Deutsche Bank, CME Group (NASDAQ:CME), Hilton, Boeing (NYSE:BA) and, after market close, IBM (NYSE:IBM) and Meta

($1 = 7.3118 Chinese yuan)