Europe close: Stocks end mostly higher, Ukraine in focus

(Sharecast News) - European shares were mostly higher on Wednesday as investors awaited a policy decision from the US Federal Reserve. Investors were also waiting on a phone call between the Presidents of the US and Ukraine.

Top US officials would later describe the call as "fantastic", whilst the US envoy to Russia would tell Bloomberg that he believed that a full ceasefire could be reached "in a couple of weeks".

The pan-regional Stoxx 600 edged up 0.19% to end the day at 555.37 and France's Cac-40 added 0.70% to 8,171.47.

Germany's DAX, which hit a record high on Tuesday after parliament agreed to reform debt rules, was down 0.40% at 23,288.06.

In economic news, eurozone inflation slowed more than initially expected in February with price pressures easing across France, Germany and Ireland.

The harmonised annual rate of consumer price inflation across the single-currency region slowed to 2.3% in February, down from a six-month high of 2.5% in January. This was below the preliminary estimate of 2.4% released two weeks ago and the lowest level since November.

In equity news, defence stocks were up as Germany passed a measure designed to unleash €500bn in spending on weapons and infrastructure. Dassault and BAE were all up on the news.

Compass Group fell after BNP Paribas double downgraded the stock to 'underperform'.