10 things you need to know before European markets open

French GDP smashed expectations. The French economy grew by 0.6% in the first quarter of the year, up from the 0.4% analysts expected. That means the country grew twice as fast as the UK.

German GDP missed expectations. Analysts were expecting a 0.5% increase in GDP in the first quarter of the year, but GDP rose by just 0.3%.

Eurozone GDP is coming. The whole bloc's Q1 GDP figure is coming at 10 a.m. London time (5 a.m. New York). Analysts had expected growth of 0.5%, significantly better than Q4's 0.3%, but Spanish and French figures have already beaten expectations, suggesting a potential beat.

India's Narendra Modi says things are going according to his plan. "I have in my mind a very clear outline of the framework of what we are going to do in the next five years," Modi told TIME. The Indian Prime Minister said sales tax reform is his priority for 2016. 

Audi beat BMW and Mercedes on sales in April. With worldwide sales of 152,850 cars, Audi had a great April. That figure beat out BMW's 148,896 and Mercedes' 148,072 cars sold.

Toyota is recalling five million cars. Toyota Motor Corp said on Wednesday it would recall just under 5 million Corolla, Vitz and other models worldwide to replace potentially faulty airbag inflators made by Takata Corp. 

Asian markets are mixed. Hong Kong's Hang Seng is effectively flat, up 0.05%, while the Shanghai Composite Index is down 0.05%. Japan's Nikkei is up 0.56%. 

Senate Democrats are blocking a proposal to give President Barack Obama authority to pass trade deals. US Senate Democrats dealt a stinging setback to Barack Obama, blocking a measure that would have given their own president a free hand to swiftly finalise a massive Pacific Rim trade accord. 

GM has suspended operations at a southern Brazilian factory over a shipping dispute. General Motors said it suspended production at a factory in southern Brazil on Tuesday due to a standoff with truckers shipping vehicles from the plant.

The Bank of England's quarterly report is coming. At 10:30 a.m. the Bank will release its latest quarterly report, giving its view of the strength of the economy and the prospects for inflation, and offering hints on the interest rate hike path.