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European indices are extending early losses as concerns over Greece continue to weigh. Solid data on PMI and Retail Sales failed to bring markets in positive territory.
France and Germany, the biggest economy in the Eurozone, reported final data on Services PMI for January. France's PMI came in at 49.3, below estimates of 49.5 declining 0.2 point from the previous period. German Services PMI rose more-than expected from 52.7 to 54.0 in January. In December the index came in at 52.7.
Eurozone's Service PMI was above estimates with a reading of 52.7 compared to forecasts of 52.3 and a previous reading of 52.3.
The U.K. Service Manager Index climbed unexpectedly from 55.8 to 57.2 points, beating estimates of 56.6 points signalling a solid start in 2015 for the British economy.
Retail Sales in the Eurozone rose more-than-expected in December giving a brighter picture on the economic outlook for E.U.'s economy. Eurostat reported an increase of +0.3% on a monthly basis, analysts expected a decline by -0.1% in December. Data in the previous month showed an increase by +0.7% after being revised. Year over year Retail Sales Increased at a rate of 2.8% (annualized) in December beating estimates of an increase of 2.0%.
The commodity heavy FTSE 100 index is currently trading -0.59% quoted at 6,831.46 points, hit by falling oil prices. Germany's DAX 30 lost -0.20% trading at 10,868.85. France's CAC 40 is currently trading at 4,669.93 points, -0.17%.
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