Stock indices closed mixed on the Fed's interest rate decision. The Fed kept its monetary policy unchanged on Wednesday, but dropped the word "patient" from its outlook for monetary policy. The central bank lowered its forecasts for growth and inflation.

The European Central Bank (ECB) said on Thursday that banks borrowed €97.8 billion in loans, the so-called TLTROs. This figure indicates that the recovery in the Eurozone is spurring lending.

The ECB said in its economic bulletin that the economic activity is expected to rise due to the recent improvements in business and consumer confidence, falling oil prices and a weaker euro.

Indexes on the close:

Name Price Change Change %

FTSE 100 6,962.32 +17.12 +0.25 %

DAX 11,899.4 -23.37 -0.20 %

CAC 40 5,037.18 +3.76 +0.07 %

The Conference Board released its leading economic index for the U.S. on Thursday. The leading economic index climbed by 0.2% in February, missing expectations a 0.3% gain, after a 0.2% increase in January.

The increase was driven by rises of seven of the ten indicators.

The Conference Board economist Ataman Ozyildirim said that the leading economic index "remains in growth territory, but weakness in the industrial sector and business investment is holding economic growth back, despite improvements in labor markets and consumer confidence".

The European Central Bank (ECB) said on Thursday that banks borrowed €97.8 billion in loans, the so-called TLTROs. This figure indicates that the recovery in the Eurozone is spurring lending.

The ECB is offering banks the loans as part of its stimulus measures to spur Eurozone's economy and to boost inflation to its 2% target.

The ECB said there were 143 bidders for this week's TLTROs. Italian banks had been expected to be the biggest borrowers.

Banks borrowed €82.6 billion in September and €129.8 billion euros of the four-year TLTRO loans in December.

The Philadelphia Federal Reserve Bank released its manufacturing index on Thursday. The index declined to 5.0 in March from 5. 2 in February, missing expectations for a rise to 7.3. That was the lowest reading since February 2014.

The index fell the fourth consecutive month.

A reading above zero indicates expansion.

The decline was driven by a slowdown in new order growth, decrease in unfilled orders and the average workweek for employees, and lower inventories and shipments.

Shipments index declined to -7.8 in March from +8.1 in February.

The unfilled orders index dropped to -13.8 in March from +7.3 in February, while the new orders index plunged to 3.9 from 5.4.

The number of employees index was up to 3.5 in March from 3.9 last month.

The prices paid index fell to -3.0 in March from +4.7 in February, while the prices received index plunged to -6.4 from -0.2.

The diffusion index for future activity rose to 32.0 in March from 29.7 in February.

According to the report, the indicators of future activity continue to show that the manufacturing sector is expected to continue growing over the next six months.

The Swiss National Bank (SNB) President Thomas Jordan said on Thursday that the Swiss franc is overvalued and the central bank will intervene in the foreign exchange market if needed.

Mr Jordan noted that it was the right decision to discontinue the minimum exchange rate of 1.20 per euro.

The SNB president expects that inflation could decline below zero in short terms, but inflation will be positive in early 2017.

He pointed out that there will a slowdown in economy in the first half of the year.

Mr Jordan declined to comment on whether the SNB has intervened in the foreign exchange market.

The U.S. Commerce Department released its current account data on Thursday. The U.S. current account deficit widened to $113.5 billion in the fourth quarter from $98.9 billion in the third quarter, missing expectations for a deficit of $103.0 billion. It was the largest decline since the second quarter of 2012.

The third's quarter figure was revised up from a deficit of $100.3 billion.

The increase was driven by the slowdown in economic growth in the fourth quarter.

Goods exports fell 1.2% to $410.1 billion as exports of U.S. petroleum and automobiles dropped.

Imports of goods decreased 0.1% to $595.3 billion due to lower petroleum imports.

In 2014 as a whole, the current account deficit climbed 2.6% to $410.6 billion. It was the largest annual deficit since 2012.

Statistics New Zealand released it GDP data on Thursday. New Zealand's GDP rose 0.8% in the fourth quarter, in line with expectations, after a 0.9% gain in the third quarter. The third's quarter figure was revised down from a 1.0% rise.

On a yearly basis, New Zealand's GDP climbed by 3.5% in the fourth quarter, after a 3.2% rise in the third quarter.

In 2014 as a whole, New Zealand's economy climbed by 3.3%, the fastest pace since 2007.

Retail trade and accommodation rose 2.3% due to higher tourist spending, while New Zealand's household spending climbed 0.6%.

Rental, hiring, and real estate services added 1.2 percent in Q4.

Real estate services were up more than 20 due to higher house sales.

Banking activity rose due to a 1.1% increase in financial services, while housing investment climbed 5.2%.

Manufacturing activity surged 1.0%. Food, beverage, and tobacco manufacturing increased 1.5%.

U.S. stock-index futures fell, after yesterday's rally on speculation the Federal Reserve won't soon raise interest rates, as energy companies slid amid a drop in oil.

Global markets:

Nikkei 19,476.56 -67.92 -0.35%

Hang Seng 24,468.89 +348.81 +1.45%

Shanghai Composite 3,582.75 +5.44 +0.15%

FTSE 6,948.12 +2.92 +0.04%

CAC 5,026.97 -6.45 -0.13%

DAX 11,864.29 -58.48 -0.49%

Crude oil $42.99 (-3.74%)

Gold $1160.20 (+0.78%)

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

Upgrades:

Downgrades:

eBay (EBAY) downgraded from Neutral to Underweight at, target lowered from $55 to $49

Other:

FedEx (FDX) reiterated at Sector Perform at RBC Capital Mkts, target raised grom $165 to $169

The Fed released its interest rate decision on Wednesday. It kept its monetary policy unchanged but dropped the word "patient" from its outlook for monetary policy. That means that the Fed could start to raise its interest rate soon.

The Fed noted that it would hike interest rate when it is "reasonably confident" that low inflation is on track to return to its 2% target and as long as the labour market keeps strengthening.

The Fed Chair Janet Yellen said dropping the word "patient" does not mean that the Fed will start to hike its interest rate. It will depend on the economic data, she noted.

The central bank cut its forecasts of the fed funds rate for 2015 to 0.625% from 1.125%. Inflation forecasts for 2015 were lowered to 1.3% - 1.4% from 1.5% - 1.8%.

The Fed cannot rule out that it starts to raise its interest rate in June, but the pace of rate hikes could be slower than expected.

"It will be appropriate to raise the target range for the federal funds rate when it has seen further improvement in the labor market and is reasonably confident that inflation will move back to its 2 percent objective over the medium-term," the Fed noted.

The central bank downgraded its economic activity forecast as it said that it said growth has "moderated somewhat". It said in January that the economic growth is solid.

The Fed also said that a stronger U.S. dollar weighs on U.S. exports

Moody's said on Wednesday that if Greece leave the Eurozone, it would have "serious consequences" for the Eurozone. A risk could be that Italy, Spain and Portugal might follow Greece, pushing up their interest on their bonds, the agency said.

Moody's pointed out that France made poor progress with economic reforms.

European indices shed some of their early gains with the DAX down for the day. In early trading indices were supported after yesterday's FED statement indicating that interest rates may remain on hold for a longer than anticipated time and will rise at a slower pace. The Federal Reserve, although removing the 'patient' wording from its minutes, lowered forecasts on economic growth and inflation - the strong dollar keeps inflation below the targeted 2% and slows export-growth. FED chair Janet Yellen said that the FED has not yet decided on the timing of a rate hike but it could happen at any FOMC meeting this year.

Today the Swiss National Bank kept the rates on sight deposits at minus 0.75% and said that the bank will remain active in the forex market as the swiss franc is significantly overvalued and effects inflation and economic growth. The SNB sees inflation at -0.5% in 2016 and growth under 1% - almost half the pace predicted 3 months ago.

The European Central Bank's long-term refinancing operation was well accepted. 97.8 billion euros were claimed by eurozone's financial institutions.

The FTSE 100 index is currently trading higher, quoted at 6,955.26 after setting intraday an all-time high at 6,982.79 points. Germany's DAX 30 lost -0.11% trading at 11,909.38 points. France's CAC 40 is currently trading at 5,041.44 points, +0.16%.

European stocks open higher on Thursday after yesterday's FED statement indicating that interest rates may remain on hold for a longer than anticipated time and will rise at a slower pace. The Federal Reserve, although removing the 'patient' wording from its minutes, lowered forecasts on economic growth and inflation - the strong dollar keeps inflation below the targeted 2% and slows export-growth. FED chair Janet Yellen said that the FED has not yet decided on the timing of a rate hike but it could happen at any FOMC meeting this year.

AT 09:00 the ECB will publish its Economic Bulleting followed by the EU Economic Summit at 10:00 GMT and the Targeted LTRO at 10:15 GMT.

The commodity heavy FTSE 100 index is currently trading +0.36%, with gains in the mining sector, quoted at 6,970.31. The index set intraday a new all-time high at 6,982.79 points. Germany's DAX 30 is trading +0.51% at 11,983.75 points, still below the psychologically important mark of 12,000 points. France's CAC 40 is currently trading at 5,049.65 points, +0.32%.

U.S. stocks surged after the FED statement as investors shrugged off worries of a rate near hike. The Federal Reserve, although removing the 'patient' wording from its minutes, lowered forecasts on economic growth and inflation - the strong dollar keeps inflation below the targeted 2% and slows export-growth. FED chair Janet Yellen said that the FED has not yet decided on the timing of a rate hike but it could happen at any FOMC meeting this year. The bank will have a close eye on international developments before hiking rates. This leaves the door open for a more flexible policy and the option to move later than June.

The S&P 500 closed +1.22% with a final quote of 2,099.50 points. The DOW JONES index added +1.27% closing at 18,076.19 points.

Chinese stocks continued to add gains on Thursday. Hong Kong's Hang Seng is trading higher +1.27% at 24,425.81 points. China's Shanghai Composite closed at 3,582.19 points closing +0.14% - up for a sixth consecutive day reaching the highest level since June 2008. Markets were supported by Premier Li Keqiang comments on Sunday to further stimulate the economy if necessary.

The Nikkei retreated from 15-year highs on Thursday on profit taking after the recent rally. Banks led shares lower, Nintendo could further add gains after the announcement that the company will enter the smart-phone market. The index closed -0.35% with a final quote of 19,476.56 points.

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

S&P/ASX 200 5,842.35 +0.23 0.00%

TOPIX 1,582.46 +11.96 +0.76%

SHANGHAI COMP 3,577.04 +74.20 +2.12%

HANG SENG 24,130.83 +229.34 +0.96%

FTSE 100 6,945.2 +107.59 +1.57 %

CAC 40 5,033.42 +4.49 +0.09 %

Xetra DAX 11,922.77 -58.08 -0.48 %

S&P 500 2,099.5 +25.22 +1.22 %

NASDAQ Composite 4,982.83 +45.39 +0.92 %

Dow Jones 18,076.19 +227.11 +1.27 %