European stocks close: stocks closed lower on the ECB's minutes

Stock indices closed lower on the European Central Bank's (ECB) March minutes. The minutes showed that most members of the Governing Council supported the monetary policy easing.

The ECB considered a sharper cut in deposit rate.

"On the one hand, a sharper rate cut could be considered, together with indications that the effective lower bound would have been reached for all practical purposes. On the other hand, the proposed limited rate cut could be judged as appropriate for now, given the current assessment, while it would also not rule out the possibility and prospect of further cuts if warranted by the outlook for price stability," the minutes said.

According to the minutes, the downside risks to inflation in the Eurozone and the risks of second-round effects increased.

The ECB President Mario Draghi said in a speech in Portugal on Thursday that the Eurozone's economy recovered moderately, supported by the central bank's monetary policy and low energy prices. He noted that investment remained weak.

Draghi pointed out that the ECB was ready to act to preserve price stability, noted that there was "no shortage of tools available".

The ECB president also said that structural and fiscal policies were needed for a sustainable growth.

Draghi noted that the central bank's monetary policy easing was effective and the recent stimulus measures would take time to start working.

ECB Vice President Vitor Constancio said before the Committee on Economic and Monetary Affairs of the European Parliament on Thursday that the central bank was doing and would continue to do everything to fulfil its mandate.

ECB Executive Board member Peter Praet said in a speech on Thursday that the central bank's monetary policy adopted since June 2014 was effective. He pointed out that the ECB could add further stimulus measures if the downside risks increase.

Praet noted that the central bank did not discussed helicopter money.

Lower oil prices also weighed on stocks. Oil prices fell on concerns over the global oil oversupply.

Halifax released its house prices data for the U.K. on Thursday. House prices in the U.K. climbed 2.6% in March, after a 1.5% decline in February. February's figure was revised down from a 1.4% fall.

On a yearly basis, house prices jumped 10.1% in the three months to March, after a 9.7% increase in the three months to February.

"Worsening sentiment regarding the prospects for the UK economy and uncertainty ahead of the European referendum in June could result in some softening in the housing market over the next couple of months," Halifax's housing economist Martin Ellis said.

Indexes on the close:

Name Price Change Change %

FTSE 100 6,136.89 -24.74 -0.40 %

DAX 9,530.62 -93.89 -0.98 %

CAC 40 4,245.91 -38.73 -0.90 %