At 12:30 GMT, the US economy released its reading of the consumer price index for March down by 0.6%, higher than forecasts of a drop by 0.5%, and higher than the previous reading of 0.4%.

The core reading of the same index (excluding food and fuel prices) was at 0.3%, higher than forecasts of 0.2%, and higher than the previous reading of 0.2% after it was revised from 0.1%.

Oil prices continued to rise as the US market opened on Tuesday, to extend gains for the second straight day on Chinese demand hopes, after a large surge in China's oil imports during the first quarter of this year, ahead of preliminary data on the US crude inventories.

US crude rose 1.2% to $ 60.37 a barrel, after opening at $59.65, and hit a low at $59.65, and Brent crude rose 1.3% to $64.06 a barrel, after opening at $63.25, and hit a low of $63.20.

US crude gained 0.4% yesterday, and Brent crude futures rose 0.3%, in the fourth daily gain in 5 days.

The total Chinese oil imports rose to 139.23 million tonnes during the first quarter of 2021, around 11.29 million barrels per day, from 10.2 million barrels per day during the same period last year.

The data show that oil refiners in China have ramped up their activities thanks to a strong demand for fuel, as China is the world's largest importer of oil and the second largest consumer.

Prices are also being lifted by tensions in the Middle East, after the Yemeni Houthi group said it had fired missiles at Saudi oil sites, but the Saudi authorities have not confirmed that yet.

The American Petroleum Institute will release its preliminary data on US crude inventories later today, and the Energy Information Administration will release its official report on Wednesday.

European stocks fell on Tuesday, and pulled back from all-time highs on profit-taking and investors' risk aversion, after the US Food and Drug Administration called for a pause on Johnson & Johnson vaccine.

The Stoxx Europe 600 index fell 0.2% as of 11:18 GMT, after closing lower by 0.5% yesterday on profit-taking from its all-time high of 437.4 points.

The healthcare sector saw the largest losses in Europe today, falling 1.5%, due to negative news in the US.

The US Food and Drug Administration called for a pause on Johnson & Johnson vaccine after six rare clotting cases were reported after taking the vaccine.

S&P 500 futures fell 0.5% ahead of Wall Street opening after the index closed lower by less than 0.1% yesterday, after hitting its record high of 4,131.76 points.

The 10-year US Treasury yields rose 1.5% today for the third straight session, marking week highs at 1.701%. 

Later at 12:30 GMT, US data might show an accelerated pace of inflation during March, underpinning long-term yields further. 

Back to Europe, the Euro Stoxx 50 index fell 0.2%, France's CAC 40 fell 0.1%, Germany DAX index fell 0.1%, and the UK's FTSE 100 fell 0.3%.

Oil prices rose on Tuesday, to extend gains for the second straight day on Chinese demand hopes, after a large surge in China's oil imports during the first quarter of this year.

US crude rose 1.2% to $ 60.37 a barrel, after opening at $59.65, and hit a low at $59.65, and Brent crude rose 1.3% to $64.06 a barrel, after opening at $63.25, and hit a low of $63.20.

US crude gained 0.4% yesterday, and Brent crude futures rose 0.3%, in the fourth daily gain in 5 days.

The total Chinese oil imports rose to 139.23 million tonnes during the first quarter of 2021, around 11.29 million barrels per day, from 10.2 million barrels per day during the same period last year.

The data show that oil refiners in China have ramped up their activities thanks to a strong demand for fuel, as China is the world's largest importer of oil and the second largest consumer.

Prices are also being lifted by tensions in the Middle East, after the Yemeni Houthi group said it had fired missiles at Saudi oil sites, but the Saudi authorities have not confirmed that yet.