Europe to open higher after Fed

European equities are expected to open higher Thursday following the first interest rate rise by the U.S. Federal Reserve in almost a decade.Global markets rallied on the Fed's first hike since June 2006 on Thursday as uncertainty over the timing of such a move was finally removed.

U.S. stocks extended gains. The Fed cut its medium-term forecasts for the rate of increase of the federal funds rate, the Fed announced that it plans to increase moves slowly to 1.375% at the end of 2016 to 2.375% in 2016 and to 3.25% at the end of 2018. These steps will be consistent with economic growth, and may be delayed.

Asian stock markets traded in positive territory. (Nikkei 225: +1.84 %; Hang Seng: +0.95 %; S&P/ASX 200: +1.71 %; Shanghai Composite: +1.49 %; Topix: +1.66 %.)

The only market spoiler at the moment is oil. Higher interest rates tend to support the dollar, making oil and other dollar-denominated commodities more expensive, further dampening demand.

There are no major earnings. The publications will follow: 11:00 ECB Economic Bulletin; 11:00 - German Ifo Business Climate Index (Dec) with an expected value of 109.0; 11: 30- UK Retail Sales (MoM) (Nov) with an expected positive change of 0.5% compared to the previous negative -0.6%.