Stock indices closed higher on a weaker euro. Concerns over Greece's further bailout policy and quantitative easing by the European Central Bank (ECB) still weighed on the euro. The ECB had started to purchase government bonds on Monday.

The ECB President Mario Draghi said on Wednesday that bond purchases should help to boost inflation and encourage investors to shift to riskier assets. He noted that quantitative easing was unconventional but "not unorthodox".

The Eurogroup of euro zone finance ministers continued to discuss proposed Greek economic reforms.

The National Institute of Economic and Social Research (NIESR) released its estimate of gross domestic product (GDP) for the U.K. on Wednesday. The GDP estimate rose by 0.6% in three months to February, after a 0.6% growth in three months to January, which figure was revised down from a 0.7% increase.

Manufacturing production in the U.K. fell 0.5% in January, missing expectations for a 0.3% rise, after a 0.1% rise in December.

The decline was driven by lower output in the computer, electronic and optical sector. Output dropped by 9.5%, the biggest monthly decline since early 2002.

On a yearly basis, manufacturing production in the U.K. increased 1.9% in January, after a 2.6% rise in December. December's figure was revised up from a 2.4% gain.

Industrial production in the U.K. decreased 0.1% in January, missing forecasts of a 0.2% rise, after a 0.2% decline in December.

The U.K. oil and gas production rose 2.4% in January as production at North Sea oil and gas fields increased.

On a yearly basis, industrial production in the U.K. rose 1.3% in January, after a 0.8% gain in December. December's figure was revised up from a 0.5% rise.

Indexes on the close:

Name Price Change Change %

FTSE 100 6,721.51 +18.67 +0.28 %

DAX 11,805.99 +305.61 +2.66 %

CAC 40 4,997.75 +115.80 +2.37 %

The National Institute of Economic and Social Research (NIESR) released its estimate of gross domestic product (GDP) for the U.K. on Wednesday. The GDP estimate rose by 0.6% in three months to February, after a 0.6% growth in three months to January, which figure was revised down from a 0.7% increase.

According to NIESR, the economy is expected to grow 2.9% in 2015 and 2.3% in 2016.

The British Chambers of Commerce (BCC) upgraded its forecasts for the U.K. GDP (gross domestic product) on Wednesday. The upgrade was driven by stronger than expected improvements in household consumption and services.

The BCC predicts 2.7% GDP growth for 2015, up from the previous forecast of 2.6%.

The GDP growth in 2016 is expected to be 2.6%, up from a 2.4% rise.

U.S. stock-index futures rose after a surging dollar sparked the biggest equities selloff in more than two months.

Global markets:

Nikkei 18,723.52 +58.41 +0.31%

Hang Seng 23,717.97 -179.01 -0.75%

Shanghai Composite 3,291.48 +5.41 +0.16%

FTSE 6,714.76 +11.92 +0.18%

CAC 4,971.9 +89.95 +1.84%

DAX 11,706.56 +206.18 +1.79%

Crude oil $48.63 (+0.70%)

Gold $1156.90 (-0.28%)

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

Upgrades:

Downgrades:

Other:

DuPont (DD) target raised to $91 from $84 at Jefferies

Starbucks (SBUX) initiated at Neutral at Credit Suisse, target $97

McDonald's (MCD) initiated at Neutral at Credit Suisse

Starbucks (SBUX) target raised from $94 to $100 at RBC Capital Mkts

The U.K. Office for National Statistics released manufacturing and industrial production figures on Wednesday. Manufacturing production in the U.K. fell 0.5% in January, missing expectations for a 0.3% rise, after a 0.1% rise in December.

The decline was driven by lower output in the computer, electronic and optical sector. Output dropped by 9.5%, the biggest monthly decline since early 2002.

On a yearly basis, manufacturing production in the U.K. increased 1.9% in January, after a 2.6% rise in December. December's figure was revised up from a 2.4% gain.

Industrial production in the U.K. decreased 0.1% in January, missing forecasts of a 0.2% rise, after a 0.2% decline in December.

The U.K. oil and gas production rose 2.4% in January as production at North Sea oil and gas fields increased.

On a yearly basis, industrial production in the U.K. rose 1.3% in January, after a 0.8% gain in December. December's figure was revised up from a 0.5% rise.

European stocks rebound from the recent selloff on Wednesday despite the slump on Wall Street yesterday. The Quantitative Easing of the ECB, its massive bond-buying program worth euro 60 billion a month, started on Monday buying German, Belgian, French, Italian and Spanish bonds this week lend support to the stock markets. In addition the broadly weaker euro, hitting a 12-year low against the greenback, boosts exporter shares.

Continuing uncertainty over Greece weighs on the markets. Yesterday German Finance Minister Wolfgang Schäuble said that Greek officials must stop wasting time and work on the planned reforms. Talks of EU finance ministers continue today in Brussels. They discuss Greece's planned reforms.

Final data on French Non-Farm Payrolls for the fourth quarter came in in-line with expectations and unchanged from a previous reading at 0.0%.

Data on Manufacturing Production in the U.K. dropped unexpectedly, Industrial Production also declined.

The FTSE 100 index is currently trading +0.07% quoted at 6,707.45. Germany's DAX 30 added +1.66% trading at 11,691.72 setting a new all-time high at 11,718,41 points. France's CAC 40 is currently trading at 4,971.12 points, +1.83%.

Data on Industrial Production, Retail Sales and Fixed Asset Investment all missed forecasts as stimulus measures by the Peoples Bank of China effects are limited so far and do not boost the world's second largest economy enough. The data fuels concerns over economic growth and that further measures will have to be taken by the PBoC.

Data for January and February were combined as a consequence of the long Lunar New Year public holiday.

Growth in Industrial Production had the lowest reading since 2009. Industrial Production grew +6.8% year on year, below estimates of an increase of +7.7%. Last year's reading was +7.9%.

Retail Sales grew +10.7% in February compared to +11.9% last year. Analysts expected an increase of +7.7%.

Fixed Asset Investment grew +13.9%, below the estimated +15.1%.

European stocks rebound from the recent selloff on Wednesday despite the slump on Wall Street yesterday. The Quantitative Easing of the ECB, its massive bond-buying program worth euro 60 billion a month, started on Monday buying German, Belgian, French, Italian and Spanish bonds this week lend support to the stock markets.

Continuing uncertainty over Greece weighs on the markets. On Monday ECB president Mario Draghi urged Greek officials to let return Eurozone-representatives to Greece in order to examine the government's books as a precondition for further financial aid. Greece agreed on allowing experts from the ECB and IMF to start their work today. Yesterday German Finance Minister Wolfgang Schäuble said that Greek officials must stop wasting time and work on the planned reforms.

Final data on French Non-Farm Payrolls for the fourth quarter came in in-line with expectations and unchanged from a previous reading at 0.0%.

The FTSE 100 index is currently trading +0.40% quoted at 6,729.93. Germany's DAX 30 added +0.95% trading at 11,609.46, France's CAC 40 is currently trading at 4,940.95 points, +1.21%.

U.S. stocks slumped on Tuesday with both indices being negative for the year. Speculations on the FED hiking interest rates weighs on the markets. The S&P 500 closed -1.70% with a final quote of 2,044.16 points, the biggest drop in almost two months. The DOW JONES index dropped -1.85% closing at 17,662.94 points, now significantly below the psychologically important 18,000 points mark.

Chinese stocks were mixed on Wednesday after data came in weaker and below expectations. Hong Kong's Hang Seng is trading lower -0.66% at 23,740.30 points. China's Shanghai Composite closed at 3,291.48 points gaining +0.16% at the close. Retail Sales rose less-than expected +10.7%. Analyst expected +11.6% in February compared to +11.9% in January. Industrial Production in the second largest economy rose +6.8% year on year, below the estimated growth of +7.7%. Fixed Asset Investment came in at +13.9%, also below expectations of an increase of 15.1%.

The Nikkei posted gains on Wednesday despite a lower Wall Street. Construction stocks led the index higher. The Nikkei closed +0.31% with a final quote of 18,723.52 points. Core Machinery Orders for January declined less-than-expected in January with a reading of -1.7% compared to +8.3% in the previous month and forecasts of a decline of -3.8%.

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

Nikkei 225 18,665.11 -125.44 -0.67%

Hang Seng 23,896.98 -226.07 -0.94%

Shanghai Composite 3,286.07 -16.34 -0.49%

FTSE 100 6,702.84 -173.63 -2.52%

CAC 40 4,881.95 -55.25 -1.12%

Xetra DAX 11,500.38 -81.73 -0.71%

S&P 500 2,044.16 -35.27 -1.70%

NASDAQ Composite 4,859.8 -82.64 -1.67%

Dow Jones 17,662.94 -332.78 -1.85%