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Bank of England expected to hold interest rates

Investors predict MPC will maintain interest at 5.25% when it meets on Thursday.

M&A activity brightens lacklustre European stock markets

Reuters - UK Focus

LONDON, Feb 8 (Reuters) - A European recovery rally dissipated on Thursday with benchmarks across the region weighed down by commodities and technology stocks, while acquisition approaches sent Danish telecoms group TDC (LSE: 0MOP.L - news) and Swiss insurer Swiss Re (LSE: 0QL6.L - news) flying.

Europe's STOXX 600 share index fell 0.2 percent by 0830 GMT, pulled lower by a 1.1 percent fall in basic resources , and weaker industrials stocks. The index was still down 2.5 percent year-to-date after equities worldwide took a battering this week.

Financials limited the damage, with euro zone banks gaining 0.5 percent after strong earnings from UniCredit (EUREX: DE000A163206.EX - news) and Societe Generale (Swiss: 519928.SW - news) .

Merger and acquisition activity drove the top European gainers.

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Danish telecoms company TDC led the STOXX 600, shooting up 16 percent and on track for its best day since June 2007, after a takeover approach from Macquarie and three Danish pension funds, which it rejected.

Swiss Re shares jumped 6 percent after the reinsurer said it was in talks with Japan's SoftBank (Swiss: SOFB.SW - news) to sell a minority stake.

Strong results also boosted some stocks as investors' focus turned back to the European earnings season.

Societe Generale shares jumped 5.5 percent after the bank reported forecast-beating results despite a quarterly drop in profits.

Compass Group (Other OTC: CMPGF - news) , the world's biggest catering firm, jumped 6.2 percent after it raised its expectations for revenue growth.

Chipmaker AMS gained 4 percent, with traders citing an upgrade to 'overweight' by JP Morgan. Schibsted sank 5.6 percent after traders said its third-quarter earnings missed forecasts. (Reporting by Helen Reid; editing by Tom Pfeiffer)