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European shares were called to open higher on Wednesday after finance ministers from the G7 major economies discussed progress toward financial and fiscal union in Europe in an emergency call on Tuesday and agreed to work together to deal with problems in Spain and Greece, but took no joint action.
The FTSE is called to open 27 points higher at 5287, the DAX is seen opening 66 points higher at 6035, while the CAC is expected to open 28 points higher at 3014.
Investors were likely to spend much of Wednesday waiting for any policy announcement from the European Central Bank (ECB), which meets to set interest rates in the euro zone for the month. The ECB is expected to hold back from any policy moves and is instead likely to urge governments to address the euro zone crisis. But it could also indicate a readiness to cut interest rates as early as next month, given a weakening economy and Spain's banking troubles, when ECB president Mario Draghi holds his monthly press conference at 2:45 p.m. (9:45 a.m. New York time).
Separately, the Bank of England also meets on Wednesday to decide policy moves for the UK. A cut in interest rates as recommended by the International Monetary Fund (IMF) or further monetary easing are both seen as possible. Any policy move in the UK will be announced on Thursday.
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