European markets rose Wednesday following an overnight rally in the Wall Street amid anticipation that the U.S. Federal Reserve would announce further quantitative easing to support the economy.

The German DAX 30 index advanced 0.66 percent or 40.70 points to 6201.94. Shares of E.On AG rose 2.75 percent and shares of Bayer AG gained 1.2 percent.

The French CAC 40 index marginally rose 0.08 percent or 2.52 points to 3,049.43. Shares of Societe Generale SA advanced 2 percent and shares of BNP Paribas SA gained 0.9 percent.

London's FTSE 100 index rose 0.54 percent or 29.62 points to 5503.36. Shares of Anglo American PLC gained 0.93 percent.

Market players are also concerned about the debt crisis simmering over the euro zone, especially with worries about the contagion effect spreading to Italy, which is facing a rising borrowing cost.

Investors are also concerned about the outcome of the Greek election to be held June 17. Ahead of the Greek election, market will likely continue to be range-bound, with support from the hope of more stimulus while any gain is limited by the disappointment on the reality, Credit Agricole said in a note.