Stocks are likely to open flat Wednesday as traders use the approaching Federal Reserve meeting on interest rates as an excuse to stay on the sidelines.

Traders are looking ahead to next week, when the Fed meets. Most analysts expect the central bank to raise its key rate a quarter point.

Meanwhile here at home, Statistics Canada reported today that wholesale sales posted a 1% gain in April. Wholesalers sold $37.2 billion worth of goods and services during the month, This was a second consecutive monthly increase, according to StatsCan.

The strong performance of the past 2 months contrasts with the previous 12, when wholesale trade was generally lacklustre owing to declining motor vehicle sales, StatsCan said. Prior to this, wholesale sales went through a strong period of growth, which ran from the fall of 2001 to February 2003.

In business news, a four-way fight over two Canadian gold miners is gathering steam ahead of key votes by shareholders.

After failing to negotiate a deal, Coeur d’Alene Mines Corp. of Idaho is making a formal takeover offer for Wheaton River Minerals of Vancouver and urging Wheaton’s shareholders to vote against a previously planned merger with Iamgold Corp.

The U.S. silver miner also announced Wednesday it has hired JP Morgan to join CIBC World Markets Inc. as co-financial advisors on the offer.

Coeur is also urging Wheaton River shareholders to vote against the proposed Iamgold merger at a special meeting scheduled for July 6.

In Europe, Frankfurt’s Xetra Dax Index is up 0.7% to 3,956.03, on the successful debut of Postbank.

Shares in Postbank, Germany’s biggest retail bank, are to started trading Wednesday after the bank’s owner, Deutsche Post, fixed a price of 28.5 euros (US$34.20 US) per share.

In Paris, the CAC 40 index is up 0.7% to 3,725, led by Alcatel, while London’s FTSE 100 is ahead 0.5% at 4,490.

Tokyo stocks ended flat overnight as a decline by banking companies offset earlier gains. Japan’s Nikkei Stock Average of 225 stocks closed down 0.71 point at 11,580.56.

In Hong Kong, the Hang Seng index inched up 4.18 points to 11,849.77.

North American markets made muted gains Tuesday. In Toronto, the S&P/TSX composite index added 45.68 points to 8,517.86. The junior S&P/TSX Venture composite index ended the day on a positive note, too. It added 6.91 points to 1,568.96.

Stocks finished higher on Wall Street, too. The Dow Jones industrial average closed up 23.60 points at 10,395.07. The S&P 500 ended up 4.11 points at 1,134.41. The Nasdaq composite index closed up 19.77 points, or 1%, at 1,994.15.