European markets ended the Wednesday trading session higher as investors anticipate the United States Federal Reserve's interest rate decision due later in the day. The US central bank raised interest rates for the fourth time this year despite President Donald Trump calling on the Fed to hold rates, claiming raising them would be a "mistake." On the data front, Germany reported a 3.3% annual rise in producer prices.

The DAX climbed 0.40% with Fresenius leading the gains. The CAC 40 rose 0.49% led by gains from Atos, while the FTSE 100 added 0.96% with Evraz as the best performer. The Euro Stoxx 50 ascended 0.54% with Enel and Telefonica leading the gains.

Italy's Salvini threatens to 'keep EU budget under control'

Italy's Interior Minister and Deputy Prime Minister Matteo Salvini warned that his country will issue a veto on the European Union's budget "as it stands" now that the Italian budget crisis appears to be resolved.

"I answer the European commissioners who say Italian accounts will stay under their control, that it will be the Italian government that will keep the European budget under control," Salvini said. He added that "the chapter of the European budget opens" and specifically objected to cuts to agriculture and fishing funds.

Earlier in the day, the European Commission announced that it reached an agreement with the Italian government for the country's budget deficit target for 2019 to be 2.04%, which is the figure proposed by the Italian Prime Minister Giuseppe Conte last week.

FedEx plunges 10% after lowering full-year outlook

Shares of American courier delivery Services Company plunged over 10% during intraday trading on Wall Street, after the company announced it would cut costs due to global economic slowdown. In addition, the company said it lowered its outlook for the full year.

The day before, FedEx Chairman Frederick Smith stated that "most of the issues that we're dealing with today are induced by bad political choices, making a bad decision about a new tax, creating tremendously difficult situation with Brexit, the immigration crisis in Germany, the mercantilism and state-owned enterprises in China, the tariffs that the United States put in unilaterally."

GE surges 7% on plans to spin out healthcare unit

Shares of the American conglomerate General Electric surged more than 7% after it was reported that the company filed paperwork to spin out its healthcare unit, GE Healthcare in mid-2019. A number of major US banks, including JPMorgan, Goldman Sachs and Morgan Stanley are said to be working with GE to realize the initial public offering of what could be one of the largest public companies in the world.

General Electric was trading 7.14% higher at one point, despite the company losing around 55% of value this year, and almost 40% in the past 6 months.