European markets are heading for a lower open on Wednesday as investors continue to dwell on the recessionary outlook in the region and as inflationary pressures continue to grow.Investors are also waiting for the U.S. Federal Reserve to give its summary on current economic conditions, also known as the Beige Book, later Wednesday.U.S. bond yields surged overnight, with the 10-year U.S. Treasury yield jumping to its highest level since June. The rate on the 30-year Treasury closed at its highest level since 2014. Bond yields move inversely to prices.Markets in Asia-Pacific traded lower on Wednesday. Data showed China’s exports grew 7.1% in August from a year earlier, but missed estimates of 12.8% forecast in a Reuters poll, after growing 18% in July.Nomura cuts its China GDP forecast — againNomura has cut its forecast for China’s full-year GDP to 2.7%, another downgrade from its previous 2.8% estimate set in August.The new outlook is based on Nomura’s analysis that found 12% of China’s GDP is affected by Covid controls on a weighted basis, up from 5.3% last week.Several cities including the tech hub of Shenzhen have tightened Covid controls in the last few weeks after reporting new local infections. Chengdu has also ordered people to stay home while authorities conduct mass virus testing.cnbc.com