The European markets trade lower at the opening hour on Wednesday. The British FTSE was last trading 0.23 percent lower. French CAC was trading 0.23 in the red, while the biggest European market by volume, German DAX was down 0.21 percent.

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The European indices closed lower on Tuesday after UK basic wage growth hit record. FTSE ended 1.6 percent lower.

The basic wages in Britain hit a fresh record growth rate. The official data suggested that there are signs of cooling in the job market as unemployment rose from four percent to 4.2 percent, the highest since the three months to October 2021. Data showed a 7.8 percent increase in basic earnings, strongest since 2001.

Wall Street ended sharply lower in the previous session. Dow ended 1.02 percent lower. While S&P and Nasdaq closed 1.16 percent and 1.14 percent lower, respectively. S&P 500 closed below its 50-day moving average for the first time since March. US bank stocks dropped on Tuesday after report that Fitch could downgrade some lenders.

The European markets are also taking cues from their Asian counterparts. Japan's Nikkei was last trading 1.46 percent lower, while China's Shanghai Composite was trading 0.82 percent in the red. Hong Kong's Hang Seng was trading 1.53 percent lower.

Oil prices were last trading in the red. Both Brent crude futures were trading marginally lower at $84.87 a barrel and $80.94 a barrel, respectively.

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