- Weak economic data across Eurozone
- Draghi does not see end to easy monetary policy
- Some of Italy´s main parties may form a 'grand coalition'
- Banks deposited 136.73bn euros overnight at ECB

FTSE-100: 0.11%
Dax-30: 0.27%
Cac-40: 0.12%
FTSE Mibtel 30: -0.60%
Ibex 35: 0.15%
Stoxx 600: 0.22%

The main European equity benchmarks began the day moderately in the blue on the back of last night´s gains on Wall Street and remarks from European Central Bank (ECB) President Mario Draghi indicating that the removal of the central bank´s accommodative monetary policy is still a long ways away.

Acting as a background, some reports indicate that the - historically - main Italian political formations may move to form a 'grand coalition,' although market commentary seems a bit divided as to the outlook for the country´s economy.

Eurozone periphery yields did move quite a bit lower at the start of trading however.

Telefonica beats estimates

Deutsche Telekom´s operating profit dropped by 13% in the fourth quarter.

Telefonica gained as Spain's biggest phone company reported fourth-quarter earnings that beat analysts' estimates.

German pharmaceutical giant Bayer provided a 2013 underlying earnings outlook that came in a shade below forecasts.

Dutch supermarket operator Ahold authorised a €500m share buy-back program and unveiled fourth-quarter results that came in just above expectations.

US activist investor Knight Vinke called on Italian oil giant Eni to divest its oilfield services unit Saipem, according to published reports.

From a sector stand-point the best performance on the DJ Stoxx 600 is now to be seen in the following industrial groups: Media (0.88%), Travel (0.76%) and Personal and household goods (0.69%).

German consumer confidence ticks higher

French household consumption dropped by an outsized 0.8% month-on-month in January (Consensus: -0.3%).

German unemployment diminished by 3,000 persons in February (Consensus: 0).

German VDMA machinery orders fell by 2% in January on an unadjusted year-on-year basis. Foreign orders held up, but domestic orders again fell sharply by 7% year-on-year, Barclays explains.

Other asset classes timidly higher

The euro/dollar is now edging slightly lower, by 0.14%, to the 1.3120 dollar mark.

Front month Brent crude futures are now gaining by 0.187 dollars to the 112.68 dollar per barrel mark on the ICE.

AB

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