European shares were expected to open lower on Wednesday after the G20 summit concluded with world leaders stating that they would take “all necessary measures” to prevent a euro zone collapse, but giving little detail on how.
The FTSE was seen opening 6 points lower at 5580, the DAX was called lower by 18 points at 6345 and the CAC 40 was expected to open lower by 9 points at 3109.
European leaders told the G20 Summit in Los Cabos, Mexico they planned to deliver concrete plans to integrate disparate euro zone banking sectors, something the United States has long campaigned for as a way of breaking the cycle of already indebted nations bailing out their banks only to subsequently need a bailout themselves.
Meanwhile, Italy pressed for the euro zone's rescue funds to start buying the debt of distressed European countries at the G20 Summit, as the yields on its own sovereign debt continued to rise.
The idea is expected to be discussed at a meeting of leaders in Rome on Friday.
The Italian government proposes using the EU's rescue funds, known as the European Financial Stability Facility and the European Stability Mechanism, to buy bonds in the secondary market to help bring down yields and lower refinancing costs.
Both funds are able to buy sovereign debt, but so far only the European Central Bank (ECB) has done so buying up over 210 billion euros ($266 billion) worth of debt since launching the program in May 2010.
A second, more detailed audit of Spanish banks will be released on July 31, as initially scheduled, a spokesman for the economy ministry said on Tuesday.
"There won't be any delay in completing the audit of Spain's banks," the spokesman told Reuters.
Earlier on Tuesday, a source at the Bank of Spain had said the audit would be delayed to September. The results of the first part of the audit are still expected by June 21.
The new government is likely to seek concessions from European lenders on its austerity program, and the euro zone signaled it was ready to negotiate.
Both the conservative New Democracy party, which won the most votes in elections on Sunday, and left-wing Pasok expressed hope that a government backing Greece's bailout agreement with the EU and International Monetary Fund - albeit with easier terms - could be agreed on Wednesday.
Pasok leader Evangelos Venizelos said his party would "wholeheartedly"support a government led by New Democracy. He suggested a deal could be announced by “midday (10:00 a.m. CET) tomorrow," in a televised statement on Tuesday evening.
Senior officers and military sources gave various accounts of the 84-year-old Mubarak's condition, including that he was in a coma and on life support.
But they said he was not "clinically dead," as the state news agency reported earlier in the day.
Ryanair has made an audacious third attempt at taking over Aer Lingus Ireland's flag carrier.
The minutes of the June meeting of the Bank of England's Monetary Policy Committee are published at 10:30 a.m. (CET) as are the latest UK unemployment figures.