Europe stocks waver ahead of ECB call

LONDON (MarketWatch) � European stock markets moved higher in choppy trade on Thursday, with investors remaining cautious ahead of the European Central Bank�s policy meeting, while Spanish stocks rallied after a public debt sale.

The Stoxx Europe 600 index XX:SXXP �rose 0.3% to 285.42.

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Shares of Alcatel-Lucent FR:ALU �jumped 6.1% in Paris, as the telecom-equipment maker said Chief Executive Ben Verwaayen will step down from his post and the company�s board, after profit and revenue declined in the fourth quarter. See: Alcatel-Lucent CEO to step down, profit slides

Also on the rise, heavyweight Vodafone Group PLC UK:VOD VOD �added 2.4% after affirming its annual guidance for adjusted operating profit and free cash flow, even as the wireless-telecom firm reported a 2% drop in third-quarter revenue. See: Vodafone's sales hit by tough market in Europe

Credit Suisse Group AG CH:CSGN �picked up 1.6%. The bank said it returned to profit in the fourth quarter, as robust markets and cost savings helped its performance. See: Credit Suisse returns to profit in 4Q

Investors further trained their focus on the ECB�s monthly monetary-policy decision due at 12:45 p.m. London time, or 7:45 a.m. U.S. Eastern. The central bank was widely expected to keep rates on hold, with ECB President Mario Draghi�s news conference at 13:30 p.m. likely to be the main event. Read: Draghi to seek forex peace

Reuters Vodafone shares rise on Thursday after a well-received earnings report.

The Bank of England was also expected to leave rates unchanged when it announces its latest policy decision, at noon London time. See: Draghi unlikely to take up arms in currency war

Spain�s financial markets were also in the limelight as the government reportedly sold 4.6 billion euros ($6.25 billion) in public debt, above the �3.5 billion to �4.5 billion target range.

Borrowing costs, however, went up compared to previous auctions as political uncertainty over a corruption scandal hampered investor confidence in the country following a strong January performance by the markets. See: Spanish PM says corruption claim false: reports

In the secondary market, the yield on 10-year Spanish government bonds ES:10YR_ESP �was flat around 5.42%.

The IBEX 35 index XX:IBEX �put on 1.1% to 8,139.80, with shares of Banco Santander SA ES:SAN SAN �up 1.5%.

In France, the CAC 40 index FR:PX1 gained 0.3% to 3,653.00.

Shares of Sanofi SA FR SNY �shaved off 2.5%, after the drug maker said fourth-quarter profit sank 72%, hurt by competition from generic drugs. It further said it doesn�t expect growth to return before the second half of the year. See: Sanofi profit slips 72%; downbeat on growth

Among U.K. stocks on the move, shares of luxury-goods firm Burberry Group PLC UK:BRBY �slid 4.1%. The company said Executive Vice President and Chief Financial Officer Stacey Cartwright will step down to pursue other interests, after more than nine years with Burberry. See: Burberry CFO steps down, Carol Fairweather named

Germany�s DAX 30 index DX:DAX �gained 0.3% to 7,607.12.