Europe shares seen higher in shortened session

European shares are set for a higher open on Wednesday, with trading set to be thin ahead of the New Year’s holiday.

According to IG, the FTSE is set to open higher by 15 points at 6,526 and the CAC is seen up 9 points at 4,255. The London index is due to close at 12.30 p.m. GMT, with its French counterpart closing at 1:00 p.m. GMT. Germany’s DAX is closed on Wednesday.

The last trading day of the year is set to see bourses edge higher after concerns about a further fall in the oil price and political uncertainty in Greece. The country’s parliament failed to elect a president on Monday and general elections are now expected in January, potentially disrupting Greece’s hard-won economic and political progress.

Brent crude oil extended losses into a fourth session on Tuesday, and looked to push lower again on Wednesday, trading just above $57 per barrel.

In Asia, shares were mixed amid thin volumes, with Japan, South Korea, Indonesia, Thailand, Indonesia and the Philippines shuttered for the holiday season.

Overnight in the U.S., stocks closed lower, pressured by weakness abroad and a sharp decline in the utilities sector. U.S. data will be the major focus for investors on Wednesday with weekly jobless claims due out at 1:30 a.m. GMT.

 Varchev Traders

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