LONDON, Aug 17 (Reuters) - European shares were set to fall on Wednesday,
with traders disappointed at the lack of a positive outcome of a meeting between
German chancellor Angela Merkel and French president Nicolas Sarkozy, as they
tried to restore confidence in the euro zone and stop its debt crisis spreading
further.
France and Germany unveiled far-reaching plans Tuesday for closer euro zone
integration on Tuesday but they disappointed investors by declaring that any
thoughts of common euro bond issuance would have to wait as well as stopped
short of increasing the bloc's rescue fund.
Britain's FTSE 100 was seen opening down as much as 25 points, or
0.5 percent, Germany's DAX was seen down as much as 45 points or 0.8
percent. France's CAC was seen as much as 7 points, or 0.2 percent, up
and as much as 6 points, or 0.2 percent down, according to financial bookmakers.
The pan-European FTSEurofirst 300 index closed flat on Tuesday at
969.16 points. It is down more than 18 percent from a mid-February peak.
Investors have cut their exposure to risky assets such as stocks following an
escalation of the euro zone debt crisis, the United States losing its triple-A
credit rating and weak economic data from major economies that have sparked
concern they may go back into recession.
Tech companies may be in focus after Dell Inc slashed its 2012
revenue forecast as an already weak outlook for technology spending this year
worsened, sending its shares more than 7 percent lower.
MARKET SNAPSHOT AT 0518 GMT
LAST PCT CHG NET CHG
S&P 500 1,192.76 -0.97 % -11.73
NIKKEI 9,073.66 -0.37 % -33.77
MSCI ASIA EX-JP 0.62 % 3.21
EUR/USD 1.441 0.06 % 0.0009
USD/JPY 76.65 -0.14 % -0.1100
10-YR US TSY YLD 2.232 -- 0.01
10-YR BUND YLD 2.284 -- -0.04
SPOT GOLD $1,784.69 -0.09 % -$1.56
US CRUDE CLc1 $87.32 0.77 % 0.67
* US STOCKS-Sarkozy, Merkel plan fails to inspire Wall St
* GLOBAL-Asian shares fall, euro shaky after summit
* METALS-Copper edges up, concerns about Europe weigh
* FOREX-Common bond setback saps euro; Swiss meeting eyed
* TREASURIES-US 10-yr notes firmer as equities dip
* Brent crude stays above $109 on US gasoline draw
* Gold steady, euro zone crisis seen lingering
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