European Factors to Watch-Shares seen up on earnings boost
LONDON, April 21 (Reuters) - European shares were seen heading for a higher open on Tuesday, with a raft of company results helping offset broader market fears over Greece after Athens ordered state entities to park idle cash at the central bank in a scramble to pay its bills.
At 0650 GMT, Euro STOXX 50 futures were up 0.5 percent, DAX futures were up 0.8 percent, CAC 40 futures were up 0.4 percent and FTSE futures were up 0.3 percent.
Corporate updates pointed to a healthy start for the European earnings season, with Credit Suisse reporting a 23 percent rise in first-quarter profits after market volatility boosted securities trading and with Germany's SAP reporting a 15 percent rise in operating profit helped by a cheap euro.
European companies are heading for their best earnings season in four years, sharply outperforming their U.S. counterparts on the back of a weak euro and improving economic conditions.
The German ZEW economic sentiment indicator, keenly watched by investors, is also due later on Tuesday.
"The (ZEW) fell short last month and given the lacklustre performance of the DAX last week the potential for disappointment cannot be ruled out," said CMC Markets analyst Michael Hewson. "A slight improvement is expected...but this indicator is very fickle."