On the data front, a final composite Purchasing Managers' Index for the euro zone came in above expectations on Wednesday morning. The April figure rose to 53.9 above a flash estimate of 53.5.
Greece continues to dog the headlines, as talks continue between the debt-stricken country and its lenders over reforms.
Greek Finance Minister, Yanis Varoufakis, said after talks in Paris and Brussels on Tuesday that he expected euro zone finance ministers to acknowledge progress towards a cash-for-reform deal, opening the way to easing Athens' liquidity crisis, Reuters reported.
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On Wednesday, a Greek official told the news wire that the country had made a 200 million euro ($225 million) payment due to the International Monetary Fund (IMF). Greek stocks finished over 2.8 percent higher.
U.S. stocks traded mildly lower after turning negative on Wednesday as investors weighed comments from the Fed Chair on valuation amid higher yields and energy prices. U.S. equities followed European stocks lower on currency moves. The U.S. dollar traded more than 1 percent lower against major world currencies,
U.S. Treasury yields pared gains after morning data but continued to hold near recent highs. The German 10-year bund yield continued to trade higher near 0.55 percent.