EU markets opening

Spain´s Producer Price Index-published this morning- registered a decline for the seventh consecutive month. However, January´s results of -2.8% were not as steep a drop as forecasted and is considerably less than the -3.28% experienced in December.

AIG´s proposed takeover of Irish carrier Aer Lingus may prove more difficult than was first thought, as the Irish government last night announced it would seek further assurances from the group about the current slots owned by Aer Lingus at London´s Heathrow airport, in addition to guarantees about the proposed creation of new jobs at Aer Lingus.

Traders will be looking for further indications about the US Fed´s next course of action as Janet Yellen addresses Congress later today.Ms Yellen brought up the spectre of a rates increase with US inflation set to hit its targeted level of 2%. She noted that “accommodative monetary policy had been in place for some time” and that the central bank “was looking to the future.”

Mario Draghi will give a speech to the European parliament today and will likely face further questions about Greece.It emerged yesterday that the eurozone group of finance ministers had unanimously accepted the Greek proposals for a bailout extension,but that concerns remained about the substance of the proposals from the ECB and the IMF.

In Spain, attention on the Ibex 35 will focus on reports due from other large Spanish firms including; Endesa (ELE), Red Eléctrica (REE) and Ebro (Ebro).Spanish multinational Ferrovial announced a 5% rise in their core profits yesterday