Europe open: IBM earnings weigh on sentiment, ECB speakers in focus

European stocks began the day on a slightly mixed note, tracking a lower close on Wall Street overnight with the poor results from tech giant IBM which were published after the closing bell in New York further weighing on sentiment.

As of 0815 GMT the benchmark Stoxx 600 was up by 0.04% to 4,986.22, alongside gains of 0.10% for Germany's Dax to 12,012.00 and a 0.06% dip in the Cac-40 which was at 4,984.91.

IBM topped analysts forecasts for earnings in the first quarter of 2017 but sales of $18.16bn were substantially less than the $18.4bn analysts had been calling for, sending its shares down by almost 6%. The company did however reiterate its full-year 2017 EPS guidance.

Against that backdrop, investors are expected to focus on speeches from two European Central Bank governing council members after noon and the release of the US central bank's so-called 'Beige Book' later in the day, after the market close in London.

"Markets will stay alert to comments regarding how tolerant the ECB will be in seeing lower inflation prints ahead and to comments on whether or not 'exit easing' discussions are ongoing at the Governing Council," analysts at Danske Bank said.

"In the US, the Fed's Rosengren is speaking and the Beige Book is released, which will be scrutinised for hints of whether the Fed sees a slowing US economy, as we have highlighted as a key risk following the fading Trump growth euphoria."

On a rosier note, car registrations in the European Union jumped by 11.2% year-on-year in March, according to ACEA, accelerating from a rise of 2.2% in the month before.

Helping to steady sentiment a little after Tuesday's sharp falls in European stocks, LME-traded copper futures were rebounding by 1.2%.

On the economic calendar for Wednesday, the ECB's Benoit Coeure is scheduled to speak before the US Council on Foreign Relations at 14:00 GMT, followed by ECB chief economist Peter Praet at 16:30 GMT.

Data wise, at 10:00 GMT Eurostat will publish its latest monthly figures for Eurozone CPI and trade.

In the States, all eyes will be on a speech from Boston Fed president Eric Rosengren at 17:00 GMT, with the central bank's so-called Beige Book scheduled to be published at 19:00 GMT.

Rome tells Vivendi to reduce its footprint

Italian regulators have orders France's Vivendi to reduce its stake in either Telecom Italia or media group Mediaset over the next year, saying that it had overstepped rules meant to impede concentrations of power.

After the close of trading on Tuesday, news surfaced that Italian toll-road operator Atlantia was studying the possibility of launching a takeover of its Spanish rival Abertis.

Shares in German auto maker Volkswagen were rising 1% on news that car registration in the euro area's largest economy increased 11.4% in March.

L'Oreal reported better than expected 4.2% growth in first quarter like-for-like sales on the back of strong demand from Asia.