GOOD MORNING. Stocks in Asia closed lower today, European shares are down, and U.S. futures are pointing to a lower open.

BP (BP) shareholders are expecting some clarity and closure from the company Wednesday. After months of capital losses and a tarnished reputation for safety, the oil giant is expected to release a report on the events that led to the oil spill in the Gulf of Mexico. The spill was mostly contained on July 15 after nearly three months of leakage that dumped more than four million barrels of oil into the Gulf.

BP investors appeared largely optimistic ahead of the findings from its almost five-month investigation into the incident. American depository receipts climbed about 3.5% in pre-market trading.

BP is expected to assign some of the blame to Transocean (RIG), the rig operator BP hired to drill the well, and Halliburton (HAL), which provided cement work, The Wall Street Journal reported Wednesday, citing anonymous sources.

Although the last few weeks have been relatively calm for BP, the fallout from the Gulf spill may continue after the release of the report. The Department of Justice is conducting its own criminal probe into the spill, and the Coast Guard and the Bureau of Ocean Energy Management are working on a joint investigation.

Analysts also expect the company to face multiple lawsuits for mismanagement, negligence and pollution that could cost the firm the billions of dollars, dwindling the company s cash reserves. Meanwhile, BP s reputation remains bruised, particularly within the U.S.

Heading into Wednesday, shareholder concern over the aftermath of the oil spill had weighed on the company s stock price. Since July 15, when BP stopped the spill, its stock has dropped about 4% to close at $37.19 on Tuesday. Shares are down 37% since April 20, when the spill began.

A compelling case for Transocean or Halliburton s involvement in the oil spill could lift shares, but if BP were to make such a case in its report, the company may draw criticism for mud-slinging and an attempt to lessen the blame on itself.

"We now believe there is greater likelihood that the ultimate cost and claims burden will be shared by lease owners and service contractors reflecting our belief regarding the gross negligence issue as well as growing evidence suggesting a lack of proper maintenance on the failed blow-out preventer," Mark Gilman, an analyst at The Benchmark Company, wrote in a report. If BP's and federal agencies' investigations confirm joint responsibility, that could result in an improved outlook for the company.

BP has spent around $8 billion to date on the disaster, including spill response, containment, relief well drilling, grants to the Gulf states and claims paid, Brian Gallagher, an analyst at Dolmen Stockbrokers, wrote in a report. On some level, the company s near-term outlook appears relatively positive given that BP has resumed its technical operations on the Macondo well. BP is likely to resume issuing dividends (which it suspended in June) in the first quarter 2011, Gallagher wrote.

The outlook for BP s cash reserves appears uncertain. Gilman projects a year-end 2011 cash position of $5.3 billion, down about $2 billion from its cash balance on June 30. In the long term, if charges that cost-cutting at BP contributed to the oil spill stick in court, the company could end up having to pay as much as $21 billion for violations of the U.S. Clean Water Act.

IN OTHER NEWS:

• On Tuesday, Hewlett-Packard (HPQ) filed suit against former chief executive Mark Hurd for violating a confidentiality provision in his severance agreement by accepting a position at Oracle (ORCL). LINK
• Google (GOOG) plans to launch its television service, which will allow Internet browsing on TVs, in the U.S. this fall. LINK
• Once their merger is completed, British Airways and Iberia's acquisition plans include expanding their presence in Asia, possibly by investing in airlines like India's Kingfisher as well as Air China. LINK