European stock markets are trading higher on Wednesday, following new record highs on Wall Street, as investors focused on fresh economic data and key earnings reports.

Europe's leading Blue-chip index, EURO STOXX 50 went up 15.44 points or 0.46 percent to trade at 3,354.77. UK's benchmark index FTSE 100 gained 9.81 points or 0.13 percent to trade at 7,284.64.

Meanwhile, Germany's benchmark index DAX gained 59.73 points or 0.5 percent to trade at 12,027.22. French benchmark index CAC 40 rose 32.49 points or 0.66 percent to trade at 4,921.25.

On Tuesday, European stock markets closed higher. Europe's leading Blue-chip index, EURO STOXX 50 went up 26.94 points or 0.81 percent to settle at 3,339.33. Germany's benchmark index DAX rose 139.87 points or 1.18 percent to end at 11,967.49. French benchmark index CAC 40 rose 23.77 points or 0.49 percent to end at 4,888.76.