Reuters PARIS, Feb 11 (Reuters) - European shares looked set to nose up on Wednesday although consumer electronics firm Thomson posted a sharper-than-expected fall in 2003 net profit, with trade seen erratic ahead of a key speech from Alan Greenspan Financial bookmakers in London expect Britain's FTSE 100 to open flat to five points firmer, with Germany's DAX index seen opening flat to six points higher, and France's CAC-40 set to start up three points.
Early corporate newsflow was mixed as restructuring charges of 300 million euros pushed Thomson's net profit to 26 million euros, well below the 167 million euro analysts' consensus, but Swiss agrochemicals firm Syngenta topped profit forecasts thanks to second-half sales growth and cost cuts.
Investors will be waiting for an announcement by the European Commission, which was widely expected to approve Air France's takeover of Dutch rival KLM.
But trading may be erratic ahead of Federal Reserve Chairman Alan Greenspan's semi-annual testimony before Congress on monetary policy and the economy. Markets expect him to say U.S. economic prospects are bright but at the same time underscore the central bank's willingness to be patient in deciding when to raise interest rates.
In the meantime, French drugmakers will be in the spotlight again after Sanofi-Sythelabo said late on Tuesday it had no plans to raise its bid for bigger rival Aventis denying a German newspaper report that it would hike the offer next week.
Aventis has dismissed the stock-and-cash hostile bid, currently worth around 47 billion euros ($60 billion), as "ridiculous".
Oils may be buoyed again as U.S. crude futures climbed to around $34 a barrel, extending a day-earlier rally that was triggered by OPEC's decision to cut output from April to prevent a price crash in the second quarter.
Gruß an alle MadX
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