European indices are trading higher despite worries about Greece's fate in the Eurozone. The new Greek government said that it will not collaborate with the IMF and the EU fuelling fears about instability in the Eurozone.

France's Manufacturing PMI for January came in at 49.2, below forecasts of 49.5 with a previous reading of 49.5. In Germany, the biggest economy in the Eurozone, the Manufacturing PMI for January showed a reading of 50.9. Analysts had expected the German Manufacturing PMI to remain unchanged at 51.0. Eurozone's PMI remained unchanged at 51 and in line with expectations. U.K's Manufacturing PMI improved from 52.5 to 53.0. Analysts expected the index to have a reading of to 52.9.

Later in the day a set of U.S. data including Personal Spending and Income as well as the ISM Manufacturing index will be in the focus.

The commodity heavy FTSE 100 index is currently trading +0.37% quoted at 6,774.21 points. Germany's DAX 30 added +0.57% trading at 10,755.08. France's CAC 40 is currently trading at 4,612.67 points, +0.18%.