European indices reverse early declines after the upbeat outlook from the FED on the U.S. economy and its plan to hike interest rates this year, repeating its patient approach. Worries over Greece's future in the Eurozone weigh on the markets as the new Prime Minister Alexis Tsirpas sticks to his promises to roll back austerity measures.

Disappointing corporate results from Royal Dutch Shell Plc led energy shares lower.

Earlier today data on German Unemployment Change and Unemployment Rate were released. The Unemployment Rate of the largest economy in the Eurozone was in line with expectations at 6.5% in January compared to revised 6.6% in the previous month. The number of people being unemployed fell by 8,000 compared to forecasts of 13,000.

Eurozone's Private Loans increased by +3.1%, M3 Money Supply rose by +3.6% in December compared to +3.1% in November.

Germany's CPI data is due at 13:00 GMT, followed by U.S. Initial Jobless Claims and Pending Home Sales.

The commodity heavy FTSE 100 index is currently trading -0.58% quoted at 6,786.18 points. Germany's DAX 30 lost -0.01% trading at 10,709.75, almost flat reversing early losses, being quoted below its all-time high at 10,810.57 hit on Tuesday. France's CAC 40 is currently trading at 4,617.44 points, +0.14%.