* Adds further detail, analyst comment, company news items PARIS, May 22 European stocks are seen mixed on Wednesday, with the market's month-long rally taking a breather as investors await clues from U.S. Federal Reserve Chairman Ben Bernanke on the central bank's stimulus measures before increasing their exposure to equities. At 0619 GMT, futures for Euro STOXX 50 were up 0.11 percent, for UK's FTSE 100 up 0.18 percent, for Germany's DAX up 0.08 percent and for France's CAC down 0.1 percent. European shares stalled around multi-year peaks on Tuesday, held back by worries over the outlook for the Fed's bond buyback programme following recent comments from Fed members. After the European close on Tuesday, however, two senior Fed officials played down the chances the central bank will soon signal a readiness to trim its bond buying programme, sparking gains on Wall Street. New York Federal Reserve Bank President William Dudley and St. Louis Fed chief James Bullard, both of whom will vote at the Fed's June 18-19 policy meeting, made clear further economic progress was needed before they would support curtailing bond purchases. "While Dudley's dovish comments weren't that much of a surprise, Bullard's overly dovish tone was, and his robust defence of the merits of QE was taken as a sign that maybe markets are expecting far too much from this afternoon's Fed minutes, as well as Bernanke's testimony to Congress," Michael Hewson, senior market analyst at CMC Markets, wrote in a note. Minutes from the Federal Open Market Committee's April 30-May 1 policy meeting will be released at 1800 GMT. The euro zone's blue chip Euro STOXX 50 index has surged 11 percent since mid-April, reaching a near-two year high, lifted mostly by massive central bank liquidity. In Japan on Wednesday, the country's central bank kept policy steady and upgraded its assessment of the economy, saying it "has started picking up," as Prime Minister Shinzo Abe's programme of aggressive fiscal and monetary stimulus has boosted sentiment while a weaker yen has halted a decline in exports. The sharp month-long rally has propelled the Euro STOXX 50's valuation ratio to levels not seen since early 2010, with the benchmark trading at 11.4 times expected earnings in the next 12 months, above a 10-year average price-to-earnings ratio of 11, data from Thomson Reuters Datastream shows. -------------------------------------------------------------------------------- MARKET SNAPSHOT AT 0620 GMT: LAST PCT CHG NET CHG S&P 500 1,669.16 0.17 % 2.87 NIKKEI 15,627.26 1.6 % 246.24 MSCI ASIA EX-JP 561.71 -0.08 % -0.47 EUR/USD 1.2911 0.05 % 0.0006 USD/JPY 102.57 0.11 % 0.1100 10-YR US TSY YLD 1.933 -- 0.00 10-YR BUND YLD 1.388 -- -0.01 SPOT GOLD $1,377.90 0.18 % $2.46 US CRUDE $95.77 -0.43 % -0.41 > GLOBAL MARKETS-Asian stocks cheered by Fed reassurance > Dow, S&P end at records on Fed officials' reassurance > Nikkei climbs 1.6 pct to 5-1/2-yr high on BOJ optimism, Sony surges > TREASURIES-Bonds supported after dovish Fed comments > Dollar treads water as investors hold breath for Bernanke testimony > PRECIOUS-Gold gains on China demand, hopes of US stimulus continuing > METALS-LME copper near 2-week top on hints Fed stimulus will stay > Brent dips further below $104 on nerves over summer demand COMPANY NEWS: PSA PEUGEOT CITROEN PSA Peugeot Citroen plans to close a research and administrative site near Paris and transfer its 660 workers to other plants as part of the French carmaker's cost-cutting plans, according to an internal document seen by Reuters. EDF The French utility has entered exclusive talks to sell its 49 percent stake in Slovakia's No. 2 electricity distributor Stredoslovenska Energetika (SSE) to Czech energy company EPH, it said on Tuesday. FRANCE TELECOM The group to invest between 30 and 50 million euros ($64 million) in its video-sharing website Dailymotion and begin a fresh search for a partner in the autumn, its chief executive said on Tuesday. TELEFONICA The telecoms giant has put on hold plans to publicly list its Latin American unit, a senior executive said late on Tuesday at the Reuters Latin America Investment Summit. But an IPO could be ready with a few months if needed, he said. SANOFI A new type of asthma drug meant to attack the underlying causes of the respiratory disease slashed episodes by 87 percent in a mid-stage trial, making it a potential game changer for patients with moderate to severe disease, researchers said on Tuesday. Dupilumab is an injectable treatment being developed by Regeneron Pharmaceuticals Inc and drugmaker Sanofi. UBS UBS lost a bid Tuesday to dismiss a whistle-blower lawsuit by a former commercial mortgage-backed securities strategist who said he was fired for refusing to publish misleading research reports. ROCHE Roche Holding AG teamed up with Sigma-Aldrich Corp to make an unsuccessful bid for Life Technologies Corp earlier this year, people familiar with the matter said. TELECOM ITALIA The Italian phone company denied on Tuesday that a company break-up was under consideration. Earlier on Tuesday three sources told Reuters Telecom Italia was mulling a spinoff of its mobile unit along with its fixed-line network from the rest of the company to bring new investors on board.