European shares were set to open little changed on Wednesday as investors waded into a flurry of corporate results that could show how much of an impact a global credit crunch is having on industrials.
Bookmakers expected Britain's FTSE to open up 2 to down 5 points, Germany's DAX up 2 to down 5 points, and France's CAC up 4 to down 1 point. U.S. shares ended lower but Asia was trading up.
Results from drugmaker GlaxoSmithKline and semiconductor group Infineon top the results bill, and shareholder meetings from Swiss bank UBS and Royal Bank of Scotland also feature.
UBS has been hit by massive writedowns linked to problems in the credit market, leading to calls for a revamp, and RBS unveiled Europe's biggest rights issue on Tuesday.
The euro near a record high against the dollar and oil trading above $118 a barrel, near its record high, will also weigh on the broader market.