European stocks close: stocks closed lower on the Chinese trade data

Stock indices closed lower on the weaker-than-expected Chinese trade data. The Chinese Customs Office released its trade data on Tuesday. China's trade surplus dropped to $32.59 billion in February from $63.30 billion in January, beating expectations for a decline to a surplus of $50.15 billion. Exports fell at an annual rate of 25.4% in February, the biggest drop since May 2009, while imports slid at an annual rate of 13.8%, the fifteenth consecutive decline.

Falling oil prices also weighed on stocks. Oil prices declined as hopes for the freeze of the oil production seemed to disappear.

Market participants also eyed the economic data from the Eurozone. Eurostat released its revised gross domestic product (GDP) data for the Eurozone on Tuesday. Eurozone's revised GDP rose 0.3% in fourth quarter, in line with the preliminary reading, after a 0.3% gain in the third quarter.

On a yearly basis, Eurozone's revised gross domestic product (GDP) increased 1.6% in fourth quarter, up from the preliminary reading of 1.5%, after a 1.6% rise in the third quarter.

Household spending gained 0.2% in the fourth quarter, while gross fixed capital formation climbed 1.3%.

Exports climbed by 0.2% in the fourth quarter, while imports rose by 0.9%.

In 2015 as whole, GDP increased 1.6%, up from the preliminary reading of 1.5%, after a 0.9% growth in 2014.

Destatis released its industrial production data for Germany on Tuesday. German industrial production jumped 3.3% in January, exceeding expectations for a 0.5% gain, after a 0.3% decline in December.

Bank of England (BoE) Governor Mark Carney said before Treasury Select Committee on Tuesday that a deal to keep Britain in the EU (European Union) was important for UK's monetary and financial stability.

Indexes on the close:

Name Price Change Change %

FTSE 100 6,125.44 -56.96 -0.92 %

DAX 9,692.82 -86.11 -0.88 %

CAC 40 4,404.02 -38.27 -0.86 %