The European Central Bank decided to maintain the key interest rate at 1%, in a move that didn't surprise anyone. With the euro zone economy showing signs of life, it is clear that the ECB is not inclined to cut rates. However, the recovery is not moving at a pace that causes confidence in a plan to raise interest rates.

There is speculation, though, that the ECB will continue to engage in efforts to maintain liquidity through special measures. Liquidity is expected to remain somewhat scarce through the end of the year, and the ECB is expected to address that issue.

Now, of course, spread betting and contracts for differences await Jean Claude Trichet's remarks about the ECB decision. Trichet is expected to speak a little bit later today, and expound upon the policies the central bank expects to follow for the remainder of the year.

Spread bets and CFDs should consider that the European stock market is heading higher today, thanks to news that China may be ready to pick things up in terms of manufacturing.

There had been concerns that the U.S. would hold back economic recovery, but China and commodity producers appear ready to pick up some of the slack. With the positive Chinese manufacturing data, the euro zone is looking forward to some possible growth.

European stocks are higher on the CAC 40, as well as the DAX. On top of that, the FTSE 100 is showing significant improvement. The euro is moving higher in forex trading, and it looks like risk appetite is returning to the markets -- at least for the day.

Even though the euro zone is seeing solid growth, the unemployment rate remains high. Indeed, even with overall growth in the euro zone, and an increase in confidence in the economy, things are not going well in terms of jobs.

Indeed, one of the issues is the disparity between countries in the euro zone. The Financial Times points out that Germany has an unemployment rate of 6.9%. However, the story is different for Spain:

By contrast, Spain’s unemployment rate nudged up to 20.3 per cent, the highest figure ever seen in a eurozone country since the single currency was introduced in 1999. In Spain, 41.5 per cent of young people are now looking for work, compared to 19.6 per cent across Europe.

This large disparity accounts for the fact that the euro zone unemployment rate remains high, even though it appears that economic progress is being made. However, most of the economic growth and progress, as one might expect, is coming out of Germany. It will be interesting to see how long Germany can carry the euro zone.

Confidence is higher in Europe, according to a release today. Indeed, economic outlook confidence is at its highest level in Europe since 2008. This confidence is being helped along by a euro zone economy that is expanding at a fast rate.

However, even with economic confidence high, there are still challenges to overcome in Europe. Spread betting and contracts for differences on the European stock market should consider that there are still issues with employment, sovereign debt and tight credit.

Even this good news has been unable to help European stock markets. Most markets in Europe are lower, with the CAC 40 and the Dax both down. The FTSE 100 is closed today.