European indices declined with mining shares and the financial sector posting the biggest losses. Lower oil prices after the OPEC report that demand will drop in 2015 and the political turmoil in Greece weighed on the indices. Weaker Industrial Output in China put further pressure on the markets. The FTSE 100 index is currently trading -1.27% quoted at 6,379.71 points, Germany's DAX 30 lost -1.37% trading at 9,727.80. France's CAC 40 declined by -1.33%, currently trading at 4,169.84 points.

Markets await Eurozone's Employment Change and industrial Production data published at 10:00 GMT and later in the session U.S. PPI and the Reuters/Michigan Consumer Sentiment Index due at 13:30 GMT and 14:55 GMT.