European stocks are called to open higher Wednesday, consolidating some of their losses from yesterday’s session, which saw the Greek market fall to a 20-year low.
The FTSE 100 was set to open 8 points higher while the DAX was called to open higher by 28 and the CAC 40 was seen opening up by 10 points.
Asian shares fell overnight as concerns about Greece’s ability to extricate itself from an ongoing political quagmire deepened. Tuesday saw the Greek leader of the left, Alexi Tsipras, now with a mandate to try to form a government, declare the international bailout agreement for the country null and void.
In related euro zone news, Italian leader Mario Monti said the time was nearing for euro zone-wide Eurobonds.
A slew of European earnings Wednesday will be watched closely including Commerzbank, Henkel, energy company E.ON and DE/Lanxess and out of the UK Sainsbury’s Sage Group, Glencore and Balfour Beatty are amongst those reporting numbers. Twice-bailed out Belgian bank Dexia, ING, Carlsberg and France’s Natixis also report Wednesday
In the UK the Queen’s Speech, the centrepiece at the state opening of Parliament takes place in London Wednesday where the government outlines its bills that it wishes parliament to address in the coming session.
The coalition government took a drubbing last week at local elections across the country with many citing dissatisfaction with the way key issues have been handled by the government