The Federal Reserve Chairwoman Janet Yellen said on Thursday that the economic mobility strengthens the economy and more research is needed to understand what policies have impact on that economic mobility.

"Research could help us better understand how much mobility at the individual level matters for overall growth in productivity and economic output," Yellen noted.

Yellen didn't comment on monetary policy or the economic outlook.

Stock indices closed mixed as Greece's creditors said reform plan is not good enough to unblock a new tranche of loans.

The European Central Bank (ECB) released its minutes of March meeting. According to the minutes, the Governing Council reiterated to keep its monetary policy "for as long as needed".

Markit's and the Chartered Institute of Purchasing & Supply's construction purchasing managers' index (PMI) for the U.K. fell to 57.8 in March from 60.1 in February, missing expectations for a rise to 60.4.

The decline was driven by slower rise of output and new orders.

Indexes on the close:

Name Price Change Change %

FTSE 100 6,833.46 +23.96 +0.35 %

DAX 11,967.39 -33.99 -0.28 %

CAC 40 5,074.14 +11.92 +0.24 %

The European Central Bank Executive Board Member Sabine Lautenschlaeger expressed doubts that the quantitative easing programme by the central bank will have the desired effect.

"Given the current low level of interest rates in the euro zone, I have doubts whether the economic effects of the purchase programme will reach the desired magnitude," Lautenschlaeger told in an interview to the German weekly magazine WirtschaftsWoche.

She warned that low interest rate could lead to overheating or asset price bubbles.

Lautenschlaeger noted that quantitative leading may lead to refusal to implement reforms.

The European Central Bank's (ECB) its minutes of March meeting on Thursday. According to the minutes, the Governing Council reiterated to keep its monetary policy "for as long as needed".

The Governing Council members noted that quantitative easing by the central bank was adequate to reach the price stability.

The ECB officials pointed out that there is no need to implement further stimulus measures.

The deposit rate at -20 basis points is the effective lower bound, the Governing Council said.

Some of the Governing Council members expressed concerns that the growth in the Eurozone may be slower that forecasted. The ECB upgraded its growth estimate to 1.5% for 2015 on March 5, up from 1% in December last year. Gross domestic product (GDP) is expected to be 1.9% in 2016 and 2.1% in 2017.

The ECB decided on January 22 to launch an expanded asset purchase programme of 60 billion euro a month starting from March 2015 until September 2016.

The U.S. Commerce Department released factory orders data on Thursday. Factory orders in the U.S. rose 0.2% in February, exceeding expectations for a flat reading, after a 0.7% drop in January. It was the largest increase since July 2014.

January's figure was revised down from a 0.2% fall.

The increase was driven by higher orders for non-durable goods. Non-durable goods orders jumped by 1.8% in February.

Durable goods orders fell 0.2% in February.

The U.S. Commerce Department released the trade data on Thursday. The U.S. trade deficit narrowed to $35.44 billion in February from a deficit of $42.7 billion in January. That was the lowest level since October 2009.

January's figure was revised down from a deficit of $41.8 billion.

Analysts had expected a trade deficit of $41.5 billion.

The decline of a deficit was driven by a stronger U.S. dollar and weaker global demand.

Imports fell by 4.4% in February, while exports declined by 1.6%.

Exports to Canada and Mexico were up in February, exports to China dropped 8.9%, while exports to the European Union were unchanged.

Imports from China slid 18.1%.

U.S. equity-index futures dropped with the dollar amid signs economic growth is slowing before payrolls data on Friday.

Global markets:

Nikkei 19,312.79 +277.95 +1.46%

Hang Seng 25,275.64 +192.89 +0.77%

Shanghai Composite 3,826.69 +16.39 +0.43%

FTSE 6,817.21 +7.71 +0.11%

CAC 5,067.15 +4.93 +0.10%

DAX 11,992.59 -8.79 -0.07%

Crude oil $49.13 (-1.94%)

Gold $1201.60 (-0.52%)

Statistics Canada released the trade data on Thursday. Canada's trade deficit narrowed to C$0.98 billion in February from a deficit of C$1.5 billion in January. January's figure was revised up from a deficit of C$2.5 billion. Analysts had expected a trade deficit of C$1.8 billion.

The lower deficit was driven by stabilising oil prices.

Exports were up 0.4% in February. Exports of energy products soared by 14.9%.

Imports declined 0.7% in February. Imports of motor vehicles and parts slid by 4.7%, while imports of industrial machinery, equipment and parts declined 4.3%.

(company / ticker / price / change, % / volume)

Upgrades:

Downgrades:

Other:

Starbucks (SBUX) target raised to $112 from $99 at Bernstein; Outperform

Facebook (FB) target raised to $97 from $91 at Citigroup; Buy

The Bank of Japan (BoJ) released its inflation expectations survey on Thursday. Japanese companies expect consumer price inflation to increase 1.4% in one year from now, unchanged from the December survey, the central bank said.

The consumer price inflation is expected to rise 1.6% in a three- year time frame and 1.6% in five-years, down from a previous estimate of 1.7%, according to the survey.

Companies' inflation expectations haven't been affected much by a slow recovery in consumer spending in Japan.

European stocks are trading steady close to their opening. Stalling negotiations between Greece and the E.U. weigh on the markets as the country is struggling to unlock more bailout funds. Greece failed to reach an agreement with the European Union and the IMF. The proposed reforms were rather seen as 'ideas' than concrete plans and therefor dismissed. Antonis Samaras announced yesterday that he would be willing to join a unity government if the government commits to stay in the Eurozone. Yesterday the ECB raised the cap on the Emergency Liquidity Assistance for Greek banks.

According to Markit the U.K. construction purchasing managers' index declined today to a 3 month low with a reading of 57.8 for the month of March. Analyst expected the PMI to rise from 60.1 to 60.4. U.K.'s construction output growth has lost some of its momentum this year although it has settled in at a strong pace, according to the author of the report.

The ECB Monetary Policy Meeting Accounts will be in the focus today. Later in day U.S. data on International Trade, Initial Jobless Claims and Factory orders will be reported.

The FTSE 100 index is currently trading +0.12% quoted at 6,817.66. Germany's DAX 30 lost -0.09% trading at 11,990.10. France's CAC 40 is currently trading at 5,065.09 points, +0.06%.

European stocks are trading moderately higher today. Stalling negotiations between Greece and the E.U. weigh on the markets as the country is struggling to unlock more bailout funds. Greece failed to reach an agreement with the European Union and the IMF. The proposed reforms were rather seen as 'ideas' than concrete plans and therefor dismissed. Antonis Samaras announced yesterday that he would be willing to join a unity government if the government commits to stay in the Eurozone. Yesterday the ECB raised the cap on the Emergency Liquidity Assistance for Greek banks.

The commodity heavy FTSE 100 index is currently trading +0.22% quoted at 6,824.73 points. Germany's DAX 30 is trading at 12,007.55 points +0.05%. France's CAC 40 is currently trading at 5,072.01 points, +0.19%.

U.S. stocks fell on Wednesday, the first day of the new quarter, amid weaker-than expected U.S. economic data. The Institute for Supply Management's manufacturing purchasing managers' index for the U.S. declined to 51.5 in March from 52.9 in February, missing expectations for a decline to 52.5. It was the fifth consecutive decline. Private sector in the U.S. added 189,000 jobs in March, according the ADP report on Wednesday. The S&P 500 closed -0.40% with a final quote of 2,059.69 points. The DOW JONES index declined by -0.44%, closing at 17,698.18 points.

Chinese stocks were trading mixed. Hong Kong's Hang Seng is currently trading +0.51% at 25,209.42 points. China's Shanghai Composite declined to 3,801.52 points currently down -0.23%. The Chinese government announced that the social security fund, responsible for the Chinese pensions, will be allowed to invest in government debt, investment trust and shares.

The Nikkei rallied on Thursday rebounding from a three-week-low on short-coverings after the recent plunge and on speculations that the Bank of Japan will buy stocks. The index climbed +1.46% to close at 19,312.79.

(index / closing price / change items /% change)

Nikkei 225 19,034.84 -172.15 -0.90%

Hang Seng 25,082.75 +181.86 +0.73%

Shanghai Composite 3,810.29 +62.40 +1.66%

FTSE 100 6,809.5 +36.46 +0.54%

CAC 40 5,062.22 +28.58 +0.57%

Xetra DAX 12,001.38 +35.21 +0.29%

S&P 500 2,059.69 -8.20 -0.40%

NASDAQ Composite 4,880.23 -20.66 -0.42%

Dow Jones 17,698.18 -77.94 -0.44%