LONDON — European stocks closed higher on Wednesday amid renewed optimism of progress in talks between Russia and Ukraine, and as global markets await the latest monetary policy figures and economic forecasts from the U.S. Federal Reserve.

Pan-European Stoxx 600 indexThe provisional result was about 3%. Major bourses, and nearly all industries were in positive territory. Tech stocks rose by more than 6.5% leading the gains. Utilities slipped 0.8% to thwart the trend.

According to reports, progress is being made in the ongoing negotiations between Russia and Ukraine as a way of reaching a peaceful solution. This boosted regional markets. Russian Foreign Minister Sergey Lavrov stated Wednesday that certain parts of an agreement had been reached. He said that a “neutral” status was being discussed for Kyiv and that they were “close to reaching an agreement.”

BMW’s shares rose 4.3% on Germany’s stock market when you take a look at each individual stock. DAXindex was added despite German auto giant, Otto Zipse’s warnings that the company can’t provide accurate guidance due to the uncertainty in Europe. Also that the Russian war against Ukraine could cause production interruptions. CNBC’s Oliver Zipse, CEO of Zipse said Wednesday that supply disruptions are improving.

Inditex, the clothing company that dominates shares in Spain fell 1.5% on Tuesday after it reported an increase of 2021 revenues. It also said that sales online and at stores between February 1 and March 13 were tracking 33% better year over year.

Shares E.OnGermany’s most important energy firm fell 0.5% on Tuesday after it said that core profit would drop this year due to nuclear power phasing out. The company also said the War in Ukraine might affect the value of its Nord Stream 1 pipeline stake, Reuters reported.

Markets are generally positive as the Federal Reserve’s meeting ends on Wednesday. The central bank is expected to increase rates by quarter point, which would be the first rate hike since 2018.

A central bank will also be expected to announce a new interest rate, according to watchers. new quarterly forecast that could indicate five or six more hikes this year. Expect the Fed to announce an interest rate decision and economic projections at 2 p.m. ET on Wednesday. A briefing by Jerome Powell, Federal Reserve Chair, will follow.

U.S. stocks A second day of rallies was held ahead of the outcome meeting. shares in Asia-Pacific were mostly higher in Wednesday tradeHowever, markets on mainland China are mixed in spite of the Covid revival in the country.

Russia’s invasion of Ukraine continues dominating global attention. Russian interest payments are expected to reach $117 million two sovereign eurobonds on WednesdayThe first of the four payments dates for creditors to be made in March, as the country confronts the prospect of defaulting on its debt.

After Russia invaded Ukraine, international sanctions placed on Russia’s Central Bank have halted a significant portion of Russia’s foreign currency reserves.

— CNBC’s Samantha Subin and Eustance Huang contributed to this market report.