European stock markets are trading higher on Thursday as investors sifted through the impact of yesterday's rate hike and economic projections from the U.S. Federal Reserve that have roiled markets around the world.

Europe's leading Blue-chip index, EURO STOXX 50 gained 22.70 points or 0.71 percent to trade at 3,234.41. Germany's benchmark index DAX went up 61.00 points or 0.54 percent to trade at 11,305.84. French benchmark index CAC 40 gained 35.81 points or 0.75 percent to trade at 4,805.05.

On the other hand, UK's benchmark index FTSE 100 lost 19.93 points or 0.29 percent to trade at 6,929.26.

On Wednesday, European stock markets closed lower. Europe's leading Blue-chip index, EURO STOXX 50 declined 25.00 points or 0.77 percent to settle at 3,211.71. UK's benchmark index FTSE 100 lost 19.38 points or 0.28 percent to close at 6,949.19.