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Europe Stocks Seen Flat; Portugal Takes Center Stage

European shares were seen opening broadly flat Wednesday after strong demand for Spanish short-term government debt dispelled some of the fears of another imminent euro zone debt crisis, despite a spike in yields compared to a previous auction.

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The FTSE 100 was seen opening the trading day slightly lower by 2 points , the DAX was called up by 7 points and the CAC was indicated higher by 6 points.

Strong corporate earnings in the U.S. helped to bolster U.S. stock markets Tuesday.

Goldman Sachs , Johnson & Johnson and Coca-Cola all beat forecasts as did technology titans Intel and IBM .

Warren Buffett, chief executive at Berkshire Hathaway, told CNBC that he is feeling “100 percent” after being diagnosed with prostate cancer.

A report in the Financial Times that the Canadian central bank governor, Mark Carney, is being lined up to replace Mervyn King, as Bank of England head was dismissed by both central banks.

In an op-ed for the FT the Portuguese Prime Minister Pedro Passos Coelho warned that the timeframe for the country to return to international capital markets following its bailout might not be met.

Coelho meets with British PM David Cameron later Wednesday.

The International Monetary Fund appeared closer to increasing its financial firepower after Japan, Sweden and Denmark committed a total of $77 billion to help fight the euro zone debt crisis.

In earning news, BHP Billiton releases figures for March output, Tesco reported a rise of 1.6 percent in its full year pretax profit to 3.9 billion pounds ($6.2 billion) and Blackrock reports numbers at 12.30 CET.

In the U.S. companies reporting before the bell include Halliburtonand after the bell Qualcomm , VMWare and Yum Brands are amongst those reporting their numbers.

London starts its 100 day countdown to the Olympic Games Opening Ceremony.

Contact Europe: Economy

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