LONDON (TheDeal) -- European stock indices were mixed on Tuesday as Greece and its international creditors moved toward a solution to the Mediterranean nation's debt crisis and investors waited for Federal Reserve Chair Janet Yellen to begin a two-day testimony to Congress.
The European Commission described a list of proposed economic reforms presented by Greece after a brief delay as quid pro quo for the extension of a bailout package as "sufficiently comprehensive," sending Greek indices up as much as 7%.
Later today investors will put Yellen's language under the microscope for any hint that the Fed will deviate from its professed "patience" when deciding when to lift rates.
While U.S. rates appear to be headed upward, eurozone economic data paint a contrasting picture. Consumer price figures from the European Union's statistics arm showed the pace of deflation accelerated to 0.6% in January from 0.2% in December. The decline was the deepest price drop since July 2009.
In Frankfurt, the DAX declined 0.09% to 11,102.46; in Paris, the CAC 40 tumbled 0.55% to 4,859.42; and in London, the FTSE 100 was little changed, up 0.03% at 6,914.38.
In London, BHP Billiton (BHP) , the world's largest mining group, led the gainers on the FTSE 100 after announcing better-than-expected full-year results. BHP, whose full-year profit fell by 47% to just under $4.27 billion, said cost-cutting initiatives were bearing fruit faster than expected and predicted it will achieve $4 billion of productivity gains by the end of 2017. The company said it cut capital expenditure by 23% in the second half and plans to invest $12.6 billion this year, falling to $10.8 billion next year.
Foodmaker Kerry (KRYAY) was down more than 2% after disappointing investors with its earnings outlook for 2015 and posting full-year results in line with expectations. Investec Bank reiterated its sell recommendation, noting that Kerry's valuation looked overstretched and predicting that analysts will cut back 2015 earnings forecasts to reflect company guidance.
Home builder Persimmon (PSMMF) was down almost 3% after releasing full-year results, despite news of a £291 million ($450 million) cash return to shareholders.
In Frankfurt, Telefónica Deutschland Holding was up more than 5% after the Telefónica (TEF - Get Report) affiliate laid out the benefits of its October purchase of the E-Plus wireless services division of KPN (KKPNY) . These include run-rate synergies of €250 million as early as 2015, the telecom said in its 2014 earnings announcement.
In Milan, Italian industrial conglomerate Finmeccanica (FINMY) was down close to 3% after agreeing to sell transportation businesses Ansaldo STS and AnsaldoBreda to Hitachi (HTHIY) for €809 million ($914.7 million).
In Tokyo, the Nikkei 225 closed up 0.74% at 18,603.48, and the Topix gained 0.36% to 1,508.28.
In Hong Kong, the Hang Seng declined 0.35% to 24,750.07.