European stocks add gains fuelled by the Swedish surprise move lowering benchmark interest rates and the Ukrainian peace deal. Leaders of Germany, France, Russia and Ukraine agreed on a deal to stop fighting. Sweden's central bank today unexpectedly lowered its benchmark interest rate by 10 basis points to -0.10% from 0.0% and launched quantitative easing measures to counter deflation in the largest Nordic economy.
Greek officials reaffirmed today that they are confident of reaching a deal with its creditors. Yesterday's emergency meeting of the E.U. finance ministers failed to reach an agreement and deliver a joint statement on the outcome. Greece presented a 10 point plan to replace 30% of the bailout deal but creditors are insisting on the terms of the original agreement. Greece's bailout will expire on February 28th. Fears that Greece might leave the Eurozone, the "Grexit" weigh on the markets as decisions on the bailout-deal are postponed until next week, February 16th, were the next meeting is scheduled. Today E.U. leaders will meet at a summit.
Consumer Price Inflation in the Eurozone's biggest economy declined more-than-expected to a seasonally adjusted -1.1% in January - down for the third consecutive month. Analysts expected inflation to stay at the same level as in December, at -1.0%. The decline was mainly driven by falling oil prices. Year on year German Consumer Prices fell -0.4%, more than the expected -0.3%.
Eurozone's Industrial Production came in unexpectedly flat in December according to Eurostat. The data fuels concerns over the economic outlook of the single currency bloc. Analysts had forecasted a growth around 0.3%. Novembers figures were revised down from 0.3% to 0.2%. Year on year Industrial Production declined by -0.2% in December from a year earlier, compared to forecast of an increase of 0.3%.
The FTSE 100 index is currently trading 0.19% quoted at 6,831.18 points. Germany's DAX 30 added 1.56% trading at 10,920.03. France's CAC 40 is currently trading at 4,721.76 points, 0.91%.