Europe close: Slate of downbeat data weighs on stocks

LONDON (ShareCast) - Disappointing data in the Eurozone, China, UK and US dragged stocks lower in the Eurozone. Worse-than-forecast manufacturing purchasing managers' index reports in China, the Eurozone and US weighed on markets.

The UK saw an unexpected decline in UK retail sales figures for March while the US experienced a surprise rise in weekly jobless claims.

US existing home sales data was also gloomy, falling more than estimated by analysts.

Greece remained closely in focus as Prime Minister Alexis Tsipras met with German Chancellor Angela Merkel in Brussels. Tsipras has urged Merkel to help speed up negotiations for Greece's bailout to unlock further aid. Eurozone finance ministers meet on Friday in Riga.

On a positive note, a Greek government official reportedly said a deal was expected by the end of the month following news that an agreement wasn't likely until May.

"Unfortunately, for anyone with a memory, this simply reinforces the trend of Greek positivity and disregard for the needs of their creditors, followed by negativity and worry from creditors who repeatedly get their demands rebuffed," said IG (LSE: IGG.L - news) analyst Josh Mahony.

The euro was up 0.74% to $1.0804 at the closing bell.

Ericsson (Xetra: ERCA.DE - news) , Bilfinger edge lower Ericsson AB slumped after the network-equipment maker's first-quarter profit fell short of forecasts.

Bilfinger dropped after reducing its annual profit guidance due to low demand at its power and oil and gas businesses.

Michelin (Paris: FR0000121261 - news) & Cie. and Pernod Ricard SA advanced after reporting an increase in quarterly sales.

Logitech International SA (NasdaqGS: LOGI - news) gained after the Swiss maker of computer mice posted a rise in annual profit.

Brent crude rose 3.23% to $64.83 per barrel at 17:14 BST and West Texas Intermediate gained 3.2% to $58.04.