European stocks close: stocks closed higher on the PMI data from the Eurozone

Stock indices closed higher on the PMI data from the Eurozone. Markit Economics released its preliminary manufacturing purchasing managers' index (PMI) for the Eurozone on Wednesday. Eurozone's preliminary manufacturing PMI fell to 52.0 in September from 52.3 in August, in line with expectations.

Eurozone's preliminary services PMI declined to 54.0 in September from 54.4 in August. Analysts had expected the index to decrease to 54.2.

Markit's Chief Economist Chris Williamson said that Eurozone's economy expanded further, "but there remains a worrying failure of growth to accelerate to a pace sufficient to generate either higher inflation or strong job creation".

"The survey data indicate that the Eurozone economy expanded 0.4% in the third quarter, in line with the second quarter. This is, however, below what's generally regarded as its long-term potential growth rate and puts the economy on course to grow by just 1.6% this year," he added.

Germany's preliminary manufacturing PMI declined to 52.5 in September from 53.3 in August, missing forecasts of a decrease to 52.8.

Germany's preliminary services PMI was down to 54.3 in September from 54.9 in August. Analysts had expected index to decline to 54.6.

Markit's economist Oliver Kolodseike noted that the German economy was partly driven by higher output.

France's preliminary manufacturing PMI rose to 50.4 in September from 48.3 in August, beating forecasts of a rise to 48.5.

France's preliminary services PMI increased to 51.2 in September from 50.6 in August. Analysts had expected the index to climb to 51.0.

The French statistical office Insee released its final gross domestic product data for France on Wednesday. The French final GDP was stable in the second quarter, in line with the preliminary estimate, after a 0.7% increase in the first quarter. The first quarter's figure was revised up from a 0.6% growth.

On a yearly basis, French final GDP climbed 1.1% in the second quarter, up from the preliminary estimate of 1.0% growth, after a 0.8% rise in the first quarter.

European Central Bank (ECB) President Mario Draghi said before the Committee on Economic and Monetary Affairs of the European Parliament in Brussels on Wednesday that the central bank is ready to expand its asset-buying programme to boost the inflation in the Eurozone. He added that the downside risk to the inflation increased slower growth in emerging-market economies, a stronger euro and a decline in oil and commodity prices.

Indexes on the close:

Name Price Change Change %

FTSE 100 6,032.24 +96.40 +1.62 %

DAX 9,612.62 +41.96 +0.44 %

CAC 40 4,432.83 +4.32 +0.10 %