Europe open: Stocks turn around after initial feint lower

LONDON (ShareCast) - -China´s Wen could announce lower economic growth targets. -Citi raises 2012 global GDP forecast to 2.4%. -Reports Netherlands has softened position on Eurozone firewall. -EU Commission growth forecasts to be closely watched. -Banks deposited €466.4bn with ECB overnight. FTSE-100: 0.26% Dax (Xetra: ^GDAXI - news) -30: 0.48% Euro Stoxx 50 (Zurich: ^STOXX50E - news) : 0.29% Cac (Frankfurt: 924169 - news) -40: 0.33% Ibex 35 (Madrid: IBEX.MC - news) : -0.31% European equities are now moving slightly higher after an initial downwards feint this morning. That on the back of a positive reaction to results out this morning from a bevy of companies, including Swiss Re, Allianz and Natixis (Euronext: KN.NX - news) . Acting as a backdrop, there are reports that China´s Premier (BSE: PREMIER.BO - news) may announce lower than expected economic growth targets. Interestingly, that may have implications for the prices of many commodities, the rise in which some believe could become an obstacle to faster growth in the West. Also worth mentioning are reports that the Netherlands may have softened its stance as regards an increase in the size of the Eurozone´s so-called firewall. EU leaders are expected to broach the subject at a summit on the 2nd of March. German chancellor Angela Merkel´s spokesman yesterday denied that any increase is necessary, although Europe´s growth locomotive is under increasing pressure to study such a possibility. EQUITIES Allianz has raised its forecast for operating profits in 2012. Swiss Re has announced better than expected quarterly results and hinted at the possibility of paying out a special dividend. MACROECONOMY The IFO Institute´s German business confidence index for the month of February has risen to 109.6 (Consensus: 108.8). The EU Commission´s growth forecasts are scheduled for release at 10am. There are reports that Brussels may forecast a 1% contraction in Spanish GDP this year. OTHER MARKETS Front month Brent futures are rising 0.57% to the $123.6/barrel level. The euro/dollar is rising 0.52% to the 1.3317 dollar mark. AB