European indices declined from a three-week high after yesterday's rebound amid concerns over Greece's political turmoil as the ruling coalition was not able to secure enough votes in the third and final run to elect Stavros Dimas president. Now snap elections will be held next month on January 25^th, where the left-wing Syriza party could win, putting the international bailout at risk.

Eurozone's M3 money supply for December rose by +3.1% beating estimates of an increase of +2.6%, Private Loans were in line with expectations at -0.9%.

Investors are looking ahead to the S&P/Case-Shiller Home Price Indices, Consumer Confidence and API Crude Oil Inventories due later in the day. Trading volumes are expected to remain light ahead of the New Year's holiday.

The FTSE 100 index is currently trading -0.63% quoted at 6,591.64 points. U.K.'s Nationwide house price index expanded less-than-predicted +0.2% in December. Analysts expected an increase by 0.3%. Germany's DAX 30 lost -0.57% trading at 9,870.45. France's CAC 40 declined by -0.67%, currently trading at 4,288.93 points.