Europe open: Stocks rise on follow-through buying after ECB

European stocks started the morning on the up amid follow-through buying on the coattails of the more confident note on the economic outlook which the European Central Bank's Governing Council struck the day before.

That was even as traders waited for the release of the all-important February US jobs report at 1330 GMT.

As of 0845 GMT the benchmark Stoxx 600 index was advancing 0.36% or 1.35 points to 374.24, while the German Dax was rising 0.53% or 63.04 points to 12,041.43 and Milan's FTSE Mibtel tacked on 0.80% or 156.23 points to trade at 19,740.53.

In parallel, front month Brent crude oil futures were bouncing back by 0.67% to $52.54 a barrel on the ICE, while the euro/dollar was gaining 0.35% to 1.0614.

"European shares are trading moderately higher this morning in the aftermath of yesterday's ECB meeting. Whilst the ECB meeting didn't yield a major shift in policy it still appears that Euro-zone economy is finally on the up and that in 2018 rates could start creeping higher. Whilst slightly higher rates won't have much of a negative impact on economic growth, new optimism about the Euro-zone economy could give the consumer and corporate profits a much needed boost," said Markus Huber at City of London Markets.

Market consensus was for the US to have added 190,000 jobs in February after a gain of 227,000 in January and for a dip in the unemployment rate from 4.8% in January to 4.7%, alongside gains of 0.3% month-on-month and 2.8% year-on-year in average hourly earnings.

"Today sees the release of US payroll numbers. These will be have even more significance that is usual given Janet Yellen's recent comments that this is one of the key drivers for the timing of the next interest move. Just like the Budget statement, no one is anticipating a surprise, but with the market already pricing-in a rise in March, unexpectedly poor numbers would likely cause an instant reaction," said Dave Jeal, Head of Investment Products at stockbroker Interactive Investor.

Germany's foreign trade surplus improved from €18.3bn in December to €18.5bn for January, ahead of forecasts calling for €18.0bn.

That came even as imports surged by 3.0% month-on-month (consensus: 0.5%) but were offset by exports which rose 2.7% versus December (consensus: 1.9%).

Wholesale prices in the euro area's largest economy advanced 0.5% on the month in February after a rise of 0.8% in December.

French industrial production dipped 0.3% month-on-month in January after a gain of 0.5% in December.

In corporate news, 30 lenders reportedly signed up to back Deutsche Bank's €8bn rights issue.

Stock in Volkswagen gained on news that it would plead guilty in US courts to three counts of felony as part of a plea agreement with US regulators over its emissions-defeat devices.