European indices reverse early gains ahead of U.S. data. Earlier today German Retail Sales for December rose less at a +0.2% pace compared to +1.0% in the previous month. Real unadjusted Retail Sales jumped +4.0%.

Consumer Spending in France rose by +1.5% in December compared to +0.4% in November.

Eurozone's Unemployment rate for December declined with a reading of 11.4%. Economists forecasted a reading of 11.5% in line with previous month's data.

The Eurozone's Harmonized Consumer Price Index for January extended its slide by -0.6%, matching the biggest decline in the history of the Eurozone, compared to a reading of -0.2% in the previous month. A reading below forecasts of -0.5%. The data shows the importance of the challenges the ECB is facing I order to avoid deflation and bring back the Eurozone to the targeted inflation rate of 2%.

Later in the day a set of U.S. data including the highly anticipated GDP for the fourth quarter, the Chicago Purchasing Manager's Index and the Reuters/Michigan Consumer Sentiment will be in the focus.

The commodity heavy FTSE 100 index is currently trading -0.35% quoted at 6,787.02 points. Germany's DAX 30 lost -0.01% trading at 10,736.39, almost flat reversing early gains, being quoted below its all-time high at 10,810.57 hit on Tuesday. France's CAC 40 is currently trading at 4,621.25 points, -0.22%.