Europe open: All eyes on BoE rate decision, MPC vote count

European stocks are trading on a mixed note, with investors expected to focus on an interest rate decision from the Bank of England at noon in an otherwise light day in terms of economic events.

As of 0905 BST the benchmark Stoxx 600 was down by 0.26% to 395.45, alongside a fall of 0.07% in Germany's Dax to 12,747.18 although Milan's FTSE Mibtel was higher by 0.19% at 21,594.24.

In parallel, front mont Brent crude futures were higher by 0.91% to $50.69 per barrel on the ICE while euro/dollar is gaining 0.19% to 1.0888.

The BoE's Monetary Policy Committee was expected by analysts to keep all its key policy levers at their same setting but a recent speech from Michael Saunders had led some observers to speculate whether he might not join Kristin Forbes in voting for a rise in Bank Rate.

Forbes was scheduled to exit the MPC on 30 June.

"Earlier this year the Bank of England upgraded its growth forecast for 2017 to 2%, and in the process brought it almost back to where it was just prior to last year’s June Brexit vote. For that reason alone UK policymakers would do well to leave well alone when they update the markets on the outlook for the UK economy later today, given that in the last two years GDP in Q1 has started on a weak note only to pick up later in the year.

"As it is the Bank’s forecasting ability has taking an absolute hammering in the last 12 months, having been too pessimistic in the lead-up to, and in the aftermath of last year’s vote. The one thing they have got correct is the fact that prices would go up, as the effects of a weaker pound exacerbated an effect which was already starting to push prices up across the world as commodity prices rebounded," said Michael Hewson, chief market analyst at CMC Markets UK.

First quarter net profits at Unicredit beat analysts' forecasts.

Adidas announced it was to sell its TaylorMade unit to buyout group KPS Capital Partners for $425.0m.

Shares in Deutsche Post fell after the German postal and logistics firm confirmed its 2017 profit target,

Commerzbank was planning to slash the headcount at its corporate banking division by a third by 2020 as part of previously announced reductions, Handelsblatt reported.