European markets opened up on Wednesday as European Commission President Jean-Claude Juncker gave his first ever "State of the Union" for the European Union.

Juncker said that relations with the U.K. must remain friendly and that the EU was not at risk from the U.K.'s vote to leave the EU.

He once again took the opportunity to trigger exit negotiations as soon as possible, but said, "There can be no a la carte access to the single market."

U.S. futures were steady with Dow Jones Industrial Average mini futures were up 0.06% and the S&P 500 mini futures were up 0.07%.

Oil was up in morning trading after yesterday's sell off and ahead of today's inventory report. The West Texas Intermediate was recently 0.85% at $45.28 and Brent Crude gained 0.59% to $47.38 a barrel.

A sell-off of government bonds is putting pressure on the market, with U.K. and German government bond yields hitting three-month highs. The 10-year Bund yield was up as much as 3 basis points at 0.08% and the 10-year gilt yield climbed 1.2 basis point to 0.93%. Bond markets are wary of next week's Federal Reserve and Bank of Japan meetings.

In London, the FTSE 100 was recently up 0.19% at 6,679.03.

The London benchmark index was being pulled up by miners as commodity prices advanced. Glencore (GLNCY) was up at 2.12%, Anglo American (NGLOY) was up 1.38% and Rangold (GOLD - Get Report) gained 1.09%.

Luxury goods maker Hermes (HESAY) today plunged more than 7% in early trading after dropping its mid-term annual sales target. The Paris-based company today said that it is no longer forecasting revenue growth of about 8% but was instead has "an ambitious goal" for growth.

In Frankfurt, the Dax was down 0.02% at 10,384.82 and the Cac 40 lost 0.12% to 4,381.73.

The company today posted better than expected first-half results but CEO Axel Dumas said on a conference call that "there is a lot of uncertainty around the world and the rigidity of written guidance means we are less flexible." Sales are expected to be lower in the second half. First-half earnings before interest and tax was €826.8 million ($928 million) exceeding analysts' predictions of €818.5 million.

Swiss luxury watch maker Richemont (CFRUY) fell almost 4% in early trading after announcing that sales in the first five months of the current fiscal year fell by 13% at constant exchange and 14% at actual rates.

The maker of Baume & Mercier, Piaget and Vacheron Constantin watches, aid it expects operating profit for the six months through Sept. 30 to come in around 45% below last year, reflecting the effect of around €65 million ($73 million) in restructuring charges, and the effect of buying back product inventories to help multi-brand retail partners in Hong Kong and Macau.