LONDON (AP) — European stock markets rose modestly Wednesday after a mixed session in Asia as investors looked for renewed direction from key U.S. economic figures on inflation and housing due for release later in the day.

In Europe, the FTSE 100 index of leading British shares was up 11.96 points, or 0.2 percent, at 5,357.89 while Germany’s DAX rose 30.39 points, or 0.5 percent, at 5,808.82. The CAC-40 in France was 16.48 points, or 0.4 percent, higher at 3,845.54.

Wall Street was poised to open steady after a largely flat session on Tuesday. Dow futures were up 3 points at 10,401 while the broader Standard & Poor’s 500 futures were down 0.1 point at 1,107.30.

Traders were waiting for U.S. data later in the day for clues about the pace of recovery in the world’s largest economy.

“Hopefully economic data released later will produce fresh direction one way or the other,” said Richard Griffiths, senior equity trader at Spreadex.

In particular, investors will focus on U.S. inflation data for October. Analysts expect inflation to have risen on the back of higher energy prices, with consumer prices up 0.1 percent during the month.

Monthly figures for housing starts are also due, with analysts expecting a further 1.7 percent rise in October to an 1l-month high of 600,000.

Stock markets have rallied strongly since March’s lows as investors reined in their economic doomsday expectations to factor in a swifter than anticipated global economic rebound, partly because of a recovery in the housing market.

The state of household spending in the U.S. is also key for recovery — U.S. consumer spending accounts for around 70 percent of the nation’s economy — and earnings so far this week have been mixed.

Despite the lack of direction in equities in recent days, analysts do not believe markets have run out of steam.

“While momentum has been in short supply so far today, this looks to be a consolidation rather than another major correction,” said Anthony Grech, market strategist at IG Index.

Stock market investors are also keeping a close eye on the dollar, which has a major impact on the movement in commodity and energy price stocks, as well as any suggestions that U.S. borrowing costs will be rising sooner than anticipated, as much of the rally in stocks since March has been due to investors borrowing cheap dollars to finance potentially more lucrative purchases.

“The main concern for investors at this stage is that the currently lucrative carry trade in which people are taking advantage of low rates on the dollar to invest in equities might blow up and send equities downhill,” said Grech.

The dollar won a brief respite over the last couple of days after U.S. Federal Reserve chairman Ben Bernanke and European Central Bank president Jean-Claude Trichet seemingly attempted to talk up the U.S. currency, which has slid to multiyear lows against the yen and to near 15-month lows against the euro.

Much of the gains made in the early part of the week were lost Wednesday as the euro recovered 0.5 percent to $1.4944 and the dollar fell 0.2 percent to 89.08 yen.

One currency oscillating wildly on Wednesday was the pound. Minutes to the last rate-setting meeting at the Bank of England showed that there was a three-way split as to whether to expand the money supply through the purchase of financial assets from the banks and by how much it should be expanded.

Initial reaction was to send the pound sharply down — within minutes of the release of the minutes, the pound had fallen around half a cent to fall to $1.6870, but that was soon more than made up as investors said the likelihood of further asset purchases was unlikely given the three-way split on the Monetary Policy Committee.

Earlier, Japan and Hong Kong led the Asia’s declines, with Tokyo’s Nikkei 225 stock average losing 53.13 points, or 0.6 percent, to 9,676.80 and Hong Kong’s Hang Seng shedding 73.82, or 0.3 percent, to 22,840.33.

Markets in Indonesia, Singapore and Thailand also fell.

South Korea’s key index rose 1.1 percent to 1,603.97 and Shanghai’s benchmark was up 0.6 percent to 3,303.23. Shares in Taiwan and Australia were modestly higher as well.

Oil prices rose further, closing in on $80 barrel after an unexpected drop in U.S. crude supplies suggested demand could be improving. Benchmark crude for December delivery was up 79 cents to $79.93 a barrel in electronic trading on the New York Mercantile Exchange.

Gold was trading up 0.7 percent at a new record of $1,147.60.

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AP Business Writer Jeremiah Marquez in Hong Kong contributed to this report.