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European Shares Seen Up on Optimism Over Banks

European equities were seen rising on Wednesday, adding to their previous session's sharp rally as investors' optimism that the worst of the credit crisis may be over continues to boost equity markets worldwide.

Financial bookmakers, or spread betters, in London expected Britain's FTSE 100 index to open between 14 and 18 points higher, the German DAX up 60 points to 67 points, and the French CAC 40 up 54 to 63 points.

A $19 billion write-down by Swiss bank UBS on Tuesday raised hopes that banks were aggressively cleaning up their books to get rid of shaky investments linked to the turmoil in the U.S. subprime mortgage market.

The FTSEurofirst 300 index of top European shares gained 3.2 percent on Tuesday, ending at 1,302.47 points, its highest close since Feb. 29.