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European shares were called to open lower sharply lower on Wednesday as investor caution replaced hope ahead of an unofficial European Union summit in Brussels to discuss policy responses to the euro zone crisis.
The UK’s FTSE was seen opening 56 points lower at 5347, Germany’s DAX was called 81 points lower at 6355, while France’s CAC was expected to open 35 points lower at 3049.
European leaders meet on Wednesday to discuss ways of breathing life into their stricken economies at a summit in Brussels, but the issue of Eurobonds and whether they can help alleviate two years of debt turmoil is expected to dominate the meeting.
Prime Minister Mariano Rajoy of Spain, where the economy and banking system are at the frontline of the crisis, will meet newly elected French President Francois Hollande in Paris ahead of the evening summit to discuss policy positions—a marked shift away from the traditional Franco-German axis.
At nearly all previous summits over the past two years, Hollande's predecessor Nicolas Sarkozy met German Chancellor Angela Merkel beforehand to fix a strategy, prompting criticism from other leaders about dictates from Paris and Berlin.
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