European stocks close: stocks closed higher on hopes for a deal between Athens and its lenders

Stock indices closed higher on hopes for a deal between Athens and its lenders. Athens sent new reform proposals to its lenders two hours before the deadline on Thursday. New proposals includes VAT reforms, other tax policies, pension and public sector reforms, higher corporate tax and the privatization of the port and the railway companies.

Greece's creditors will make a decision on Greek reform proposals tomorrow.

Meanwhile, the economic data from the Eurozone was mixed. German wholesale prices declined 0.2% in June, after a 0.5% increase in May.

On a yearly basis, wholesale prices in Germany fell 0.5% in June, after a 0.4% drop in May.

The fall was largely driven by a 10.5% decline in the wholesale prices of solid fuels and related products.

Industrial production in France rose 0.4% in May, in line with expectations, after a 0.7% decline in April.

The increase was driven by a rise in in output in the transport and automobile sector, which climbed 2.3% in May.

France's current account surplus decreased to €0.3 billion in May from €0.4 billion in April.

The decline in current account surplus was driven by a higher goods deficit.

The U.K. Office for National Statistics (ONS) released trade data for the U.K. on Friday. The U.K. trade deficit in goods narrowed to £8.0 billion in May from £9.8 billion in April. It was the lowest level since June 2013.

April's figure was revised down from a deficit of £8.56 billion.

The decline in the trade deficit was driven by a drop in imports. Imports dropped by 5.5% in May, while exports of goods rose 0.1%.

The total trade deficit, including services, narrowed to £393 million in May from £1.834 billion in April. It was the lowest total trade deficit since June 2013.

April's figure was revised down from a deficit of £1.202 billion.

Indexes on the close:

Name Price Change Change %

FTSE 100 6,673.38 +91.75 +1.39 %

DAX 11,315.63 +319.22 +2.90 %

CAC 40 4,903.07 +145.85 +3.07 %