Updated from 5:33 a.m. EST

NEW YORK (

TheStreet

) -- Stocks in Europe were trading lower Wednesday as Greece is readying new spending cuts worth an expected 4.8 billion euros ($6.54 billion).

There has yet to be official confirmation from the Greek government but the

Associated Press

reports Greece's new austerity package includes cuts in civil servant pay and bonuses, pension freezes and a hikes in consumer taxes, including a 19% sales tax. The cuts come after European Union officials told Athens to make deeper spending cuts.

Stocks in London fell 0.04%, while stocks in Frankfurt and Paris declined 0.1% and 0.2%, respectively.

Earlier, Asian stocks ended mostly higher.

In Tokyo, the Nikkei 225 stock average rose 31.30 points, or 0.3%. to 10,253.14. Stocks in China ended higher by 0.8%. Hong Kong shares dipped 0.1%.

Premarket futures suggested stocks would open mixed in New York Wednesday.

On Tuesday, the

Dow Jones Industrial Average

rose less than 0.1% to 10,405.98, its highest since Jan. 20. The

S&P 500

rose 0.2% and

Nasdaq

gained 0.3%.

-- Reported by Joseph Woelfel in New York.

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