Europe ends higher after Draghi denies investors QE detail

European equities finished in positive territory Wednesday, despite a speech by the head of the European Central Bank disappointing market watchers who had hoped for more detail on the bank's monetary policy plans.

Draghi disappoints


The pan-European Stoxx 600 index closed up 0.6 percent provisionally, as poor performance from other markets and a sharp dip in oil prices weighed on Europe's indexes. Most sectors, however, closed higher.

Speaking at the Bank of England's Open Forum, Mario Draghi addressed the need for closer economic union among those countries sharing the euro. Analysts were expecting more detail, however, on the prospect of more quantitative easing by the central bank.

On Wall Street, meanwhile, trade is expected to be quiet due to Veterans Day, with U.S. bond markets are unofficially closed. U.S. stocks were trading slightly lower around Europe's close.

TalkTalk soars

On the STOXX 600 index, TalkTalk was the best performer, ending trade up 13.2 percent, after the telecom group raised its interim dividend by 15 percent to 5.29 pence.

Shares of brewer Carlsberg fizzed up 6.2 percent after the Danish brewer, which has long been struggling in Russia, said it would book $1.4 billion in impairment and restructuring costs and cut white-collar staff by 15 percent in a bid to return to growth.

Sticking with beverages, shares of AB InBev closed up 2.2 percent after the brewer confirmed the deal to take over SABMiller. It said it would pay £44 ($66.7) for each SABMiller share held and would sell off its Coors division. Shares of the British brewer SABMiller also held onto gains, up around 1.9 percent.

Shares of Henkel finished up 6.7 percent, after the consumer goods firm posted a larger than expected rise in third-quarter profit. CEO Kasper Rorsted, told CNBC that the company was seeing strong double digit sales growth in China, adding that China's Singles Day will be "massive."

Osram, oil prices sinks

At the bottom of Europe markets was lighting company, Osram. Shares in the stock tanked over 28 percent, after the firm announced a new growth strategy that concentrated on the LED market; an area which analysts see as both expensive and risky, Reuters reported.

At the bottom of London's FTSE came U.K. retailer Sainsbury, down 7.1 percent, after the supermarket announced it was suffering a 1.6 percent sales fall in the first half of its financial year, amid low inflation and increasing competition for shoppers' cash. Other retailers felt the hit, including Morrisons and Marks and Spencer.

Oil prices slipped over 2.5 percent by the close. U.S. crude was down $1.10 cents at $43.11, after industry data showed an rise in U.S. stockpiles. Brent crude also tumbled, trading at $46.14. The oil and gas sector consequently dipped into the red, with Tullow Oil and Seadrill both closing over 4.5 percent lower.

UK jobless falls

In macroeconomic news, new data showed that U.K. unemployment fell to 5.3 percent, the lowest level since the three months to April 2008.

The Portuguese stock exchange reversed earlier gains, closing roughly flat as political turmoil continued to stir within the country. Anti-austerity lawmakers forced Portugal's center-right government to resign Tuesday.