European stock markets mid session: stocks traded higher ahead of the ECB’s interest rate decision

Stock indices traded higher ahead of the European Central Bank's (ECB) interest rate decision. Analysts expect the central to keep its interest rate unchanged at 0.05%.

The Greek debt crisis remained in focus. The European Commission President Jean-Claude Juncker meets Greek Prime Minister Alexis Tsipras in Brussels on Wednesday. Juncker is expected to provide details of a proposal designed to avert a Greek default.

Meanwhile, the economic data from the Eurozone was better than expected. Eurozone's unemployment rate fell to 11.1% in April from 11.2% in March. It was the lowest level since February 2012.

March's figure was revised down from 11.3%.

Analysts had expected the unemployment rate to remain unchanged at 11.2%.

Retail sales in the Eurozone rose 0.7% in April, in line with expectations, after a 0.6% fall in March. March's figure was revised up from a 0.8% drop.

The increase was driven by higher food, drinks and tobacco sales, which rose 1.3% in April.

Gasoline sales were up 0.6% in April, while non-food sales increased 0.3%.

On a yearly basis, retail sales in the Eurozone rose 2.2% in April, beating forecasts of a 2.0% gain, after a 1.7% increase in March. March's figure was revised up from a 1.6% rise.

The annual rise was driven by non-food sales, which gained 3.3%, and by gasoline sales, which increased 3.2%.

Markit's and the Chartered Institute of Purchasing & Supply's services purchasing managers' index (PMI) for the U.K. fell to 56.5 in May from 59.5 in April, missing expectations for a fall to 59.2. It was the lowest level since December 2014.

A reading above 50 indicates expansion in the sector.

The decline was driven by a lower increase in new business.

Current figures:

Name Price Change Change %

FTSE 100 6,928.98 +0.71 +0.01 %

DAX 11,379.19 +50.39 +0.44 %

CAC 40 5,015.73 +11.27 +0.23 %