European stocks close: stocks closed higher ahead of the release of the Fed's monetary policy meeting results

Stock indices closed higher ahead of the release of the Fed's monetary policy meeting results. It is unlikely that the Fed will change its monetary policy. Market participants will closely monitor Fed's statement for signals when the Fed plans to start raising its interest rates.

European Central Bank (ECB) Governing Council member Christian Noyer said in an interview with German newspaper Frankfurter Allgemeine Zeitung that the central bank's asset-buying programme is working, but more time is needed to get full effect.

"The current programme is functioning well. One cannot expect that it has its full effect after only six months. One has to give it time to bear its full fruit," he said.

ECB Vice President Vitor Constancio said on Wednesday that the central bank will continue its quantitative easing until the inflation will rise toward the central bank's 2% target.

Constancio pointed out that the monetary policy should not be used to resolve financial instability in asset markets.

ECB Governing Council member Ardo Hansson said on Wednesday that there is no need for further stimulus measures in December.

"I don't see any convincing reason to consider further policy action in December knowing what we know today. If something very fundamental changes, we could perhaps re-evaluate, but now I don't see any need to take such a step," he said.

Meanwhile, the economic data from the Europe was negative. Market research group GfK released its consumer confidence index for Germany on Wednesday. German Gfk consumer confidence index fell to 9.4 in November from 9.6 in October, in line with expectations.

"Although this is the third consecutive drop in the consumer climate and the lowest level since February, the indicator is still very satisfactory. The excellent development of the retail sector is currently an important pillar of the consumer climate," Gfk noted.

French statistical office INSEE released its consumer confidence index for France on Wednesday. French consumer confidence index declined to 96 in October from 97 in September. Analysts had expected the index to remain unchanged at 97.

Indexes on the close:

Name Price Change Change %

FTSE 100 6,437.8 +72.53 +1.14 %

DAX 10,831.96 +139.77 +1.31 %

CAC 40 4,890.58 +43.51 +0.90 %