The European indexes soared after the ECB retained key rate; European service sector activity showed mixed trends and retail sales improved. Spanish consumer confidence rose in February. Total agreed to acquire minority stake in Russia-based Novatek for $4 billion. 3:30 PM Frankfurt – The European indexes soared after the ECB retained key rate; European service sector activity showed mixed trends and retail sales improved. Spanish consumer confidence rose in February. Total agreed to acquire minority stake in Russia-based Novatek for $4 billion. World indexes rose after oil prices retreated for the first time in three days on reports that Venezuelan president Hugo Chavez offered to mediate. The Arab League is engaged in talks with Venezuela on sending mediators to Libya, reported Hesham Youssef, chief of staff for the group’s secretary general, Amr Moussa. In Paris CAC 40 Index surged 59.99 or 1.49% to close at 4,094.31 and in Frankfurt DAX Index edged higher 109.73 or 1.53% to close at 7,290.85. Global Food Prices at Record High World food prices hit a record high in February, according to data released by the Food and Agriculture Organization today. The FAO said that its food price index averaged 236 points in February, up 2.2% from January, the highest record in real and nominal terms. The index has now risen for eight consecutive months. ECB Retains Key Rate The European Central Bank on Thursday maintained its key interest rate at a historic low of 1% for the 22nd straight month. The central bank also retained its interest rate on the marginal lending facility at 1.75% and that on the deposit facility at 0.25%. Euro-zone Private Sector Activity Accelerates, Retail Sales Up Euro-zone private sector activity grew in February at its fastest pace since July 2006, survey results from Markit Economics showed today. The Final Composite Output Index rose to 58.2 in February, below the earlier flash estimate of 58.4. But the index was well above January’s reading of 57. The Purchasing Managers'' Index for the service sector rose to 56.8 in February from 55.9 in January. The flash estimate for February was 57.2. Euro-zone retail sales grew 0.4% in January from a month ago, the Eurostat said in a report on Thursday. This follows a revised 0.4% drop in December. The annual increase in January retail sales was 0.7% compared to December''s revised 0.4% decrease. Food product sales slipped 0.8% annually in January after easing 0.7% in December. Growth in non-food product sales accelerated to 1.5% in January from 0.3% in December. Euro Area GDP Expands Euro area gross domestic product rose 0.3% sequentially in the fourth quarter, the same as in the third quarter, second estimate from the Eurostat showed on Thursday. On an annual basis, GDP climbed 2%, unrevised from the flash estimate released on February 15. Growth edged higher from 1.9% recorded in the third quarter.

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