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European Shares to Edge Up After Dow's Rally

European shares are expected to rise modestly on Wednesday following a rise on Wall Street overnight, in a heavy corporate calendar, dominated by French large caps among which Axa, Total and EDF feature.

Technology stocks could get a lift from Cisco Systems, the largest U.S. maker of routers and switches to direct Web traffic, which gave a cautious business outlook on Tuesday, although its quarterly results beat expectations.

Financial spreadbetters in London expect Britain's FTSE 100 index to open 7 to 23 points higher; Germany's DAX to open 26 to 39 points up and France's CAC-40 to open 20 to 34 points higher.

U.S. stocks on Wall Street pared early losses to rise on Tuesday as crude oil's new record above $122 a barrel pushed up energy shares and reassuring comments from housing finance company Fannie Mae on the outlook for the credit and housing markets buoyed the financial sector.

The gains in crude oil tempered the Asian markets however.