DEBORAH MARCHINI, CNN ANCHOR: Markets in Europe are on the up- side. In fact, some of them even seem to be in rally mode.</s>JOHN DEFTERIOS, CNN ANCHOR: In fact, Paris and Germany. We're waiting for a decision from the Bank of England. Let's get all the details from Todd Benjamin, of course, at his post in London. Good morning, Todd.</s>TODD BENJAMIN, CNN CORRESPONDENT: Good morning, John. You're right, it is interest-rate-decision day here in the U.K. The expectation is that the Bank of England will hike rates by 1/4 point, and we'll get that decision within the next hour. London, though, has this built-in already, and the market is up about one percent. The Dax is up 1 1/2 percent, Paris is up 1 1/2 and Zurich is up 1/2. Very quiet in the currency market. I do want to mention oil, because oil has just moved into the plus mode. Oil, right now, is up almost 20 cents a barrel. Now, this follows comments that are just coming out from the Saudis, who are meeting with the Venezuelans in Amsterdam, saying that there is a consensus to extend those production cuts beyond March, and oil is starting to rally on that little snippet of news out of Amsterdam. In terms of individual stocks moving, this morning, telecoms are definitely in focus. Cable and Wireless is up 4 1/2 percent; that's after it bought eight top business-Internet-service providers here in Europe. Telefonica is up 2 1/2 percent; that's after it's going to buy out other shareholders and subsidiaries in Brazil, Argentina and Peru; it's part of a major restructuring program for Telefonica. British Telecom is up 3.6 percent. Vodafone AirTouch is up 1.7 percent. And DiamlerChrysler in Frankfurt is up 3.6 percent. You know, there's talk of its spinning off part of its aerospace unit, as well as getting rid of its remaining stake in a mobile-phone operator. John and Deb, back to you.</s>MARCHINI: All right, Todd, thanks a lot.
Telecoms Lead European Rally Ahead of Bank of England Rate Decision