In today's session the FTSE 100 index lost -0.73% quoted at 6,285.30 points, France's CAC 40 declined -0.45% trading at 4,074.77. Germany's DAX 30 is down -0.65% at 9,501.71 points.

The relentless drop in oil prices quoted near five-year lows and Russia's financial crisis weigh on European stocks. Investors are also focusing on developments in Greece where a parliamentary vote for president is scheduled for today. The Greek presidency candidate is Stavros Dimas. There are three possible votes in parliament. If the candidate isn't elected in three possible votes, the parliament will be dissolved.

Data on Eurozone's CPI was in line with expectations with a reading of -0.2% for November. Inflation is now at +0.3% on a yearly basis, far below the ECB's target of 2%. Now all eyes are on the FOMC meeting and the FED's interest rate decision due 19:00 GMT and U.S. CPI due 13:30 GMT.