European indices almost flat in early trading ahead of today's highly anticipated ECB policy meeting after insiders revealed yesterday that the Executive Board proposed that the bank should buy 50 billion euro in bonds from March 1^st on to fight inflation and spur the slowing Eurozone's economy. We look ahead to a volatile trading session when the size and shape of quantitative easing will be unveiled. Although markets are supported by the ECB investors' concerns over the outcome and the consequences of the Greek elections on January 25^th are still weighing as the next Greek government will have to decide whether to extend the international bailout or not. The anti-austerity party Syriza leads in polls by almost 5%.

The FTSE 100, the most commodity heavy index is currently trading +0.21% supported by mining stocks quoted at 6,742.37 points. Markets await data on U.K.'s PSNB and CBI Industrial Order Books Balance due 09:30 GMT respectively 11:00 GMT. Germany's DAX 30 lost -0.04% trading at 10,295.13 almost flat after yesterday's all-time high at 10,311.90 points. France's CAC 40 added +0.04%, currently trading at 4,486.59 points.

After the ECB press conference at 13:30 GMT markets await U.S. data on Initial Jobless Claims and the Housing Price Index and later in the session Eurozone's Consumer Confidence.