European stock markets First hour: Indices drop – focus on Greece

European stocks dropped on Wednesday despite solid Consumer Confidence data from Germany. Renewed concerns about Greece weighed stock markets down. Although Greece promised a new draft of planned reforms for Monday next week the county was unable to secure a payment from the Eurozone Rescue Fund yesterday. Energy stocks surged on a rally in oil prices as tensions in Yemen drove prices higher.

Consumer Confidence in the Eurozone's largest economy rose again - the powerhouse of the E.U. is on track for a strong recovery. Today the GFK Institut für Marktforschung reported the Consumer Confidence Survey for April.

The survey of about 2000 consumers showed an increase of the index from a previous reading of 9.7 to 10, beating estimates of 9.8.

The GFK Institute named a weaker euro as a consequence of the ECB's low interest rates policy and lower energy costs as main drivers of the increase. The German economy is very export-oriented and therefore amongst the biggest winner from a weakening single currency.

The commodity heavy FTSE 100 index is currently trading -0.35% quoted at 6,966.58 points.. Germany's DAX 30, despite solid data, is trading lower at 11,703.97 points -1.36%. France's CAC 40 is currently trading at 4,985.25 points, -0.71%.