European stocks paused the recent rally on Friday. Markets remain cautious about the Greek debt deal. The IMF and the ECB warned that the reform plans are not detailed enough and Athens will have to take further steps to ensure further bailout releases.

French Consumer Spending declined -0.9% in January, more than the expected -0.3%. Year on year Consumer Spending rose +0.6% compared to +0.5%. Data on German CPI due at 13:00 GMT will be in the focus.

Today's focus will be on German CPI and later in the day U.S. GDP, Pending home Sales and the Chicago Purchasing Managers' Index as well as the Reuters/Michigan Consumer Sentiment Index.

The FTSE 100 index is currently trading -0.20% quoted at 6,938.83. Germany's DAX 30 lost -0.12% trading at 11,313.81, close to its new all-time high. France's CAC 40 is currently trading at 4,914.90 points, +0.09%.