Stock indices traded higher ahead a speech by the European Central Bank President Mario Draghi. Market participants will closely monitor his comments for signals what the central bank plans to decide on its December monetary policy meeting. The European Central Bank's (ECB) President Mario Draghi said at a press conference in October that the volume of the ECB's asset-buying programme will be discussed at the monetary policy meeting in December.

The Office for National Statistics (ONS) released its labour market data on Wednesday. The U.K. unemployment rate fell to 5.3% in the July to September quarter from 5.4% in the June to August quarter. It was the lowest reading since the second quarter of 2008.

Analysts had expected the unemployment rate to remain unchanged at 5.4%.

"These figures continue the recent strengthening trend in the labour market, with a new record high in the employment rate and the unemployment rate still at its lowest since spring 2008. Earnings continue to grow, albeit the rate for regular pay has fallen back a little from recent months," ONS labour market statistician, Nick Palmer said.

Average weekly earnings, excluding bonuses, climbed by 2.5% in the July to September quarter, missing expectations for a 2.7% rise, after a 2.8% gain in the June to August quarter.

Average weekly earnings, including bonuses, rose by 3.0% in the July to September quarter, missing expectations for a gain of 3.2%, after a 3.0% increase in the June to August quarter.

The Bank of England monitors closely the wages growth it considers when to start hiking its interest rate.

Current figures:

Name Price Change Change %

FTSE 100 6,304.27 +28.99 +0.46 %

DAX 10,927.92 +95.40 +0.88 %

CAC 40 4,939.71 +27.55 +0.56 %