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European Markets

Opening calls are indicating a higher open this morning.

Asian Markets

The Hang Seng average is trading higher in the current session.

US Markets

 

Stocks surged into the close Tuesday following a report suggesting that Europe’ bailout fund may get a big boost.

Late Tuesday, The Guardian reported that Germany and France had reached an agreement to increase the firepower of Europe’ recently overhauled bailout fund.

The size of the European Financial Stability Facility (EFSF), will remain at €440 billion, but the “effective lending capacity’ of the fund will be €2 trillion, said the report. Details remain murky.

Events today

Key corporate releases from Europe on Wednesday include first quarter results from British Sky Broadcasting.

The company reported revenues for its first quarter just ahead of expectations as strong sales of broadband to existing customers made up for the expected slowdown in new subscriber additions.

Brewer SABMiller said beer volumes in the first half of its financial year were up 3 percent compared to the same period a year earlier. In Latin America, lager volumes grew 8 percent, the company said, while lager volumes in Europe were similar to those in the same period last year.

Greek public sector workers will stage a 24 hour strike against austerity measures on Wednesday and the Occupy London demonstration in the city’ financial district enters its fifth day.

The Bank of England Monetary Policy Committee will publish minutes from this month’ meeting when members voted to maintain interest rates at 0.5 percent and increase its quantitative easing program by £75 billion ($118 billion) to £275 billion ($433 billion).

A farewell ceremony for outgoing European Central Bank President Jean Claude Trichet will take place in Frankfurt on Wednesday, with German Chancellor Angela Merkel, European Commission head Jose Manuel Barroso and President of the European Council Herman van Rompuy expected to attend. The ceremony will get underway at 3pm London time.