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European Shares Seen Up on Fannie, Freddie Plan

European stocks were poised to rise on Monday, trimming some of Friday's sharp losses after Washington unveiled sweeping steps to rescue embattled mortgage finance companies Fannie Mae and Freddie Mac .

Fannie Mae and Freddie Mac stock both plummeted more than 40 percent last week on growing fears that both companies, which are pillars of the U.S. housing market, were undercapitalized and as the credit crisis toppled a fifth U.S. bank.

Financial bookmakers, or spread betters, in London expected Britain's FTSE 100 index to open between 53 and 57 points higher, the German DAX 41 to 47 points higher, and the French CAC 40, 34 to 37 points higher.