European indices turned negative during the day after a set of important Eurozone data with the DAX retreating 1.6% coming from fresh all-time highs and falling under the 12,000 points mark.
Yesterday Italy's central bank Governor Ignazio Visco said that he is concerned over the drop of the single currency as a consequence of quantitative easing launched by the ECB and that he has doubts about the effectiveness of the program.
Economic Sentiment of the largest economy in the Eurozone further improved and rose for a fifth month suggesting further recovery in Germany in the next 6 months. The ZEW Center for European Economic Research reported an increase from 53.0 to 54.8 points for the month of February - although below estimates of an increase to 58.9 points. The Sentiment improved as a consequence of lower oil prices and a lower euro, trading near 12-year lows against the greenback, boosting export-heavy sectors and fuelled consumption. The quantitative easing, started last week on Monday, further stimulated the economy.
ZEW Economic Sentiment for the whole Eurozone rose more-than-expected from a previous reading of 52.7 to 62.4. Analysts expected the index to rise to 58.2.
Eurozone's Employment Change came in at 0.1% for the fourth quarter, in line with expectations.
The Harmonized CPI for February rose 0.6% month on month with a previous reading of -1.6%.
Eurozone's February Inflation was confirmed and unchanged from a previous estimate at -0.3%. Consumer prices, excluding the volatile energy and food items costs, came in at 0.7%, 0.1% higher than the previous reading and the estimates.
The commodity heavy FTSE 100 index is currently trading flat quoted at 6,801.37, boosted by gains in the mining sector. Germany's DAX 30 slumped -1.6% trading at 11,969.29 points. France's CAC 40 is currently trading at 5,016 points, -0.90%.