European Shares Seen Flat; Eyes on Spain

European shares are called to open flat Tuesday after Asian shares rose overnight following solid economic data from the United States.

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The FTSE 100 is seen higher by 9 points at the opening bell, Germany's DAX is seen up by 6 points and the CAC is expected to open lower by just 1 point.

The Wall Street Journal reported that Spain’s Finance Minister Luis de Guindos has warned that the country's budget, which will be presented to parliament later on Tuesday, could damage the country’s economy and standing in international markets.

Spain announced deep cuts to its central government budget on Friday as it battles to convince European partners and debt markets it can rein in its budget deficit.

Meanwhile the UK economy showed modest growth in the first three months of 2012, data from the British Chambers of Commerce showed on Tuesday.

In company news, reports suggest that last-ditch attempts over the weekend to settle an intellectual property rights dispute between Google and Oracle failed and the two could be heading to court by the end of the month.

In the U.S the Republican presidential nominee battle continues, with frontrunner Mitt Romney expected to take Wisconsin, Maryland and Washington D.C as he hopes to secure the GOP nomination to face Barack Obama in November’s election.