European stocks close: stocks closed higher on hopes for a deal between Greece and its creditors

Stock indices closed higher on hopes for a deal between Greece and its creditors. Greek Prime Minister Alexis Tsipras will meet German Chancellor Angela Merkel and French President François Hollande later in the day.

The Greek government has submitted a new reform plan to the European Union (EU) and International Monetary Fund (IMF) on Tuesday. According to European officials, the new proposal was insufficient.

German government bonds hit the 1% barrier due to a selloff in bonds markets.

Meanwhile, the economic data from the Eurozone was mixed. The French statistical office Insee its industrial production figures on Wednesday. Industrial production in France fell 0.9% in April, missing expectations for a 0.4% gain, after a 0.3% decline in March. It was the first decrease in five months.

The decline was driven by declines in aerospace, automobiles and textiles.

On a yearly basis, the French industrial production rose 1.1% in April, after a 1.3% gain in March.

France's current account increased to a surplus of €0.4 billion in April from a deficit of €1.4 billion in March.

The trade surplus was driven by a drop in imports of crude oil imports.

The merchandise trade deficit narrowed to €1.1 billion in April from €3.2 billion in March.

The surplus in the services trade fell to €1.3 billion from €1.5 billion. The decline was driven by higher imports of telecommunication and information technology equipment.

The Office for National Statistics (ONS) released its manufacturing industrial production figures for the U.K. on Wednesday. Manufacturing production in the U.K. dropped 0.4% in April, missing expectations for a 0.1% gain, after a 0.4% increase in March.

Manufacturing output was driven by a decline in a decline in pharmaceuticals, which dropped 6.0%.

On a yearly basis, manufacturing production in the U.K. increased 0.2% in April, missing forecast of a 0.4% gain, after a 1.2% rise in March. March's figure was revised up from a 1.1% gain.

Industrial production in the U.K. climbed 0.4% in April, beating forecasts of a 0.1% rise, after a 0.6% gain in March. March's figure was revised up from 0.5% increase.

The increase in the industrial output was driven by higher oil and gas production. Oil and gas extraction increased 8.7% in April, the fastest pace since February 2014.

On a yearly basis, industrial production in the U.K. gained 1.2% in April, exceeding expectations for a 0.6% rise, after a 1.1% increase in March. March's figure was revised up a 0.7% rise.

The National Institute of Economic and Social Research (NIESR) released its estimate of gross domestic product (GDP) for the U.K. on Wednesday. The GDP estimate rose by 0.6% in three months to May, after a 0.5% growth in three months to April. The previous three months' figure was revised up from a 0.4% rise.

The NIESR said that the current estimate is consistent with a rebound of the economic growth in the U.K. in the second quarter, and it expects the U.K. economy to expand at 2.5% this year, and 2.4% next year.

Indexes on the close:

Name Price Change Change %

FTSE 100 6,830.27 +76.47 +1.13 %

DAX 11,265.39 +264.10 +2.40 %

CAC 40 4,934.91 +84.69 +1.75 %