European shares were expected to open mixed on Wednesday following the May Day holiday in a week that is expected to see light trade across global markets.
The FTSE 100 seen opening 15 points lower, while France’s CAC 40 is seen opening 27 points higher and Germany’s DAX up 48 points.
UBS announced earnings of 827 million Swiss francs, ($910 million), well below analyst expectations of around 1.1 billion Swiss francs, on Wednesday morning. The bank added it was on track to achieve 2 billion Swiss francs of cost savings. But a significant number of investors are preparing to confront the management of the bank on Thursday, according to a report in the Financial Times. Investors are expected to vote against the Swiss bank's 2011 pay award and deny executives formal approval of their actions, the newspaper reported on Wednesday.
Meanwhile, probes into phone hacking and the legacy of a failed bid by Rupert Murdoch to seize full control look likely to overshadow a resilient set of results from satellite broadcaster BSKyB on Wednesday.
BSkyB, already 39 percent-owned by Murdoch's News Corp, was dragged firmly into the center of the hacking storm engulfing Murdoch's British newspaper business when its Sky News channel admitted last month that it hacked into emails on two occasions.Page 1 of 4 | Next Page