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European Stocks Called Lower as Fed Stimulus Hopes Fade
04 Apr 2012 EDT - CNBC.com

European stocks are called to open firmly lower Wednesday after the U.S Federal Reserve meeting minutes showed that more monetary easing was unlikely.

The FTSE 100 is seen opening the trading day lower by 15 points at the opening bell, Germany's DAX is seen down by 55 points and the CAC is expected to open lower by 24 points.

Minutes from the Fed’s March meeting showed that only two members out of ten voted for further monetary stimulus.

Staying with the U.S, as projected Mitt Romney swept to victory across three states in the latest round of the Republican presidential nomination ramping up his chances of winning the nomination to face Barack Obama in November’s election.

Back in Europe, interest rates are expected to stay on hold when the European Central Bank announces its interest rate decision later Wednesday.

ECB President Mario Draghi is expected to face questions on how concerned he is about the likelihood of a Spanish bailout with the country's economy's 10-year borrowing costs still at levels above 5 percent.

A Spanish bond auction on Wednesday which will see the country tendering 3 to 4 billion euros ($4 billion to $5.2 billion) in Jan 2015, Oct 2016 and Oct 2020 bonds at 9:30am London time will be closely watched in light of the austerity measures and budget deficit targets the country announced recently.

Bond auctions also take place for Germany which is expected to tender 4 billion euros in Feb 2017 bonds at 10:30am BST and Portugal will tendering up to 1.25 billion in 6 and 18 month bills at 10:30am BST.

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