Australian shares are only slightly higher after solid gains on Wall Street but continuing problems in Europe.
At 1022 AEST on Wednesday, the benchmark S&P/ASX200 index was up 4.4 points, or 0.11 per cent, at 4,017.7, while the broader All Ordinaries index was up 3.1 points, or 0.08 per cent, at 4,059.4.
On the ASX 24, the September share price index futures contract was up two points at 3,985, with 6,846 contracts traded.
RBS Morgans equities director Bill Chatterton said he expected very little movement on the local market over the next few days due to the end of financial year and continuing problems in Europe.
"I'm not expecting anything before June 30 and in Europe there's still a lot of work that has to be done with the European stabilisation fund to shore up a number of balance sheets in the euro zone," he said.
Overnight, European stock markets and the euro wavered in cautious trading, a day after sharp losses and ahead of a key EU summit on how best to tackle the eurozone debt contagion.
At close, London benchmark FTSE 100 index of leading shares dipped 0.07 per cent to 5446.96 points. In Frankfurt, the DAX 30 edged up 0.07 per cent to 6136.69 points and in Paris the CAC 40 lost 0.30 per cent to 3012.71 points.
US stocks scored solid gains, lifted by positive data on home prices that offset another decline in consumer confidence.
The Dow Jones Industrial Average finished Tuesday's session up 32.01 points (0.26 per cent) at 12,534.67.
Shares in News Corp were up 81 cents, or 3.72 per cent, to $21.60 after it confirmed it was considering splitting into two publicly traded companies.
The Wall Street Journal reported late on Monday (US time) that a split would put the entertainment arm, including the 20th Century Fox film business and the Fox TV networks, into a separate company from News Corp's newspaper and book publishing businesses.
In equities news, building products maker Boral has cut its full year profit forecast for the second time within three months because of bad weather and delays to major construction projects.
Boral shares were down 18 cents, or 5.6 per cent, at $3.01 at 1025 AEST.
Market turnover was 243 million shares worth $366 million, with 260 stocks trading higher, 252 lower and 317 unchanged.
Keep reading - next article