By Christopher Whittall and Riva Gold 

Global stocks mostly rose Thursday, with European shares hitting a three-month high amid hopes of further central bank stimulus.

The Stoxx Europe 600 closed 0.9% higher, building on a 1.4% gain Wednesday as investors looked past geopolitical tensions that spurred losses earlier this week.

Shares in Asia edged higher following losses in the previous session, on what was otherwise a quiet trading day with U.S. stock and bond markets closed for the Thanksgiving holiday.

The focus among European investors has switched to the prospect of a further dose of monetary stimulus from the European Central Bank at its meeting Dec. 3.

Easy-money policies have tended to boost stock markets in recent years while also making a currency less attractive to investors.

The euro was down a touch against the dollar at $1.0608 late in the European afternoon Thursday, having hit a seven-month low against the buck Wednesday. Meanwhile, European equities are up more than 10% since the start of October.

"Geopolitical tensions are always there, but the focus now is on the ECB, " said Anthony O'Brien, co-head of European rates strategy at Morgan Stanley.

The ECB has sent strong signals that it stands ready to ease policy at next week's meeting.

ECB officials have said the central bank could cut the interest rate it pays on bank deposits, which already stands at minus 0.2%. An expansion to the ECB's bond-buying program is also on the table, officials have signaled.

Meanwhile, investors in Europe were digesting the latest eurozone lending survey published Thursday by the ECB, which showed lending to the eurozone private sector rose 1% annually in October.

In Europe, Germany's DAX index closed up 1.4%, while France's CAC 40 rose 1.1%, taking gains so far this quarter to 17% and 11%, respectively.

Gains in European stocks were led by the auto sector, which was up 2.3%. Shares in Volkswagen were up 3.5% despite news that U.S. environmental authorities and German prosecutors have launched new investigations into allegations of cheating at the company.

Asian markets mostly edged up following losses in the previous session. Japan's Nikkei Stock Average gained 0.5%. Australia's S&P/ASX 200 was up 0.3%, while the Shanghai Composite Index was down 0.3%.

The moves came after Wall Street was little changed Wednesday in the last full day of trading for the week. U.S. stock markets will close early Friday.

With little on the economic calendar, global investors are looking ahead to the Federal Reserve's plans for monetary policy. Many investors expect the U.S. central bank to raise rates in December for the first time in nearly a decade.

"We're at full employment in my mind, and it's becoming increasingly difficult, if not impossible, for the Fed to defend zero interest rates, " said Bryce Doty, senior portfolio manager at Sit Investment Associates, which holds $14 billion in assets under management.

"I think people realize that the sky won't fall with a quarter-percentage-point raise," he said.

Meanwhile, Mr. Doty said he expects markets to drift until there is further clarity from the Fed and ECB on plans for monetary policy through 2016.

In commodities, Brent crude oil was down 1.7% at $45.39 a barrel late in the European afternoon after gaining earlier on expectations that U.S. crude production would be trimmed.

Gold was flat at $1,070.30 a troy ounce.

Write to Christopher Whittall at christopher.whittall@wsj.com and Riva Gold at riva.gold@wsj.com

(END) Dow Jones Newswires

November 26, 2015 12:12 ET (17:12 GMT)