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European Stocks Set to Open Higher

European equities are expected to edge up on Wednesday, recovering from the previous day's losses, with investors focusing on a steady stream of company results for direction.

Results from Swedish fashion retailer H&M and advertising group Havas top the corporate agenda while a host of economic data is also due including U.S. durable goods orders.

U.S. stocks mostly closed higher as weak economic reports boosted expectations of more cuts in interest rates after the Fed's aggressive 50 basis points rate cut last week. The euro again hit a record high versus the dollar.

Bookmakers see Britain's FTSE 100 opening up 7 to 11 points, Germany's DAX 20 to 23 points higher and France's CAC 40 adding 15 to 16 points.

Troubled UK mortgage lender Northern Rock is in focus after it received a number of approaches including a possible offer for the company. It however cancelled its dividend, dealing a blow to investors who have seen the value of their shares crash 75% in two weeks.