Stock indices closed higher on a weaker euro and company news. The euro fell against the U.S. dollar as the greenback was supported by speculation that the Fed will start raising its interest rates next month and on the positive U.S. economic data.
The U.K. Office for Budget Responsibility (OBR) released its Autumn Forecasts on Wednesday. The U.K. economy is expected to expand 2.4% in 2015, remained unchanged, and 2.4% in 2016, up from its previous forecast of 2.3% growth.
The U.K. economy is expected to grow at 2.5% in 2017, up from its previous forecast of 2.4%, at 2.4% in 2018, at 2.3% in 2019 and 2020.
The British Bankers' Association (BBA) released the number of mortgage approvals in the U.K. on Wednesday. The number of mortgage approvals increased to 45,437 in October from 44,825 in September. September's figure was revised down from 44,489.
"These statistics show that housing market activity remained strong in October. Consumers remain confident and their incomes are growing. Mortgage rates are at multi-year lows and people are snapping up the very competitive deals being offered by banks," the chief economist at the BBA, Richard Woolhouse, said.
Indexes on the close:
Name Price Change Change %
FTSE 100 6,337.64 60.41 0.96 %
DAX 11,169.54 235.55 2.15 %
CAC 40 4,892.99 72.71 1.51 %