Europe ends higher, awaiting Greece bailout vote

European equities ended higher on Wednesday, having pared earlier losses, as investors eyed a Greek parliamentary vote on a raft of reform measures that could secure the country another bailout.

The pan-European Stoxx 600 reversed losses, finishing trade around 0.5 percent higher.

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Most bourses finished in the green, with both the French CAC and German DAX ending marginally higher. Britain's FTSE 100 closed around the flat line, although Italy's FTSE MIB saw a 1.3 percent pop.

U.S. stocks traded slightly higher on Wednesday as investors digested earnings and Fed Chair Janet Yellen's two-day testimony to Congress.

Greece, UK unemployment

Amid a fractious political environment in Greece, the country's Prime Minister Alexis Tsipras defended the 86 billion euro ($95.2 billion) bailout deal on Tuesday, saying it necessary to avoid exiting the euro.

Legislation on widespread reforms and spending cuts must be passed by the Greek parliament Wednesday for Greece to secure the financial aid, however hardliners in Tsipras' Syriza party are expected to defect during the vote.

Meanwhile, the International Monetary Fund said again on Tuesday that Greek debt was unsustainable and that the country needed debt relief.

Read MoreWhat's behind the IMF attack on the Greek deal?

In other news, U.K. unemployment rose for the first time in two years. Between March and May, there were 1.85 million unemployed people in Britain, 15,000 more than the three months to February, according to the Office for National Statistics.

Earnings in focus

Semiconductor equipment maker ASML was a top performer on the Stoxx 600. Shares finished up around 4.3 percent after the company reported second-quarter results and said sales this year would be higher than in 2014.

Luxury fashion brand Burberry reported a slowdown in first-quarter retail revenue, sending shares down 2.6 percent.

U.K. listed interdealer broker ICAP said revenue for the last quarter fell 1 percent compared to the same period in the year before on uncertainties over Greece. Despite this, shares remained in the green, closing up over 1.5 percent.

JD Wetherspoon said sales increased last quarter, but warned that the the U.K. government's plan for a higher "living wage" could create future uncertainty in the industry. Shares in the British pub group tanked, closing down around 8.4 percent.

Sweden's SKF, the world's biggest bearings maker, reported weaker-than-expected earnings on Wednesday sending shares 8.5 percent lower.

Meanwhile, software company Micro Focus ended down around 6.7 percent after investment firm Wizard sold shares in the group.