European indices declined in today's session as yesterday's OPEC decision to leave output-rates unchanged weighed heavily on the energy sector. The following drop in Crude oil prices revived fears of deflation in the Eurozone. Eurozone's harmonized CPI was in-line with expectations with +0.3% in November as was the Unemployment rate for October at 11.5%.

Data on U.K.'s Consumer Confidence showed a decline at -2 not meeting forecast of -1. Germany's Retail sales beat forecast reading +1.9% in October (forecast +1.7%). France's Consumer spending declined by -0.9%. Analysts predicted a small growth of 0.2%.

The FTSE 100 index is currently lower -0.69% at 6,676.96 points, France's CAC 40 lost -0.48% trading at 4,361.26 and Germany's DAX 30 is heading for the first negative clsing in 11 days at -0.41% quoted at 9,934.40 points.