European Stocks Close Higher Ahead Of Long Weekend

(RTTNews) - European stocks closed higher on Thursday, with several several markets hitting multi-month or all-time highs, amid hopes interest rate cuts will happen in the foreseeable future. A batch of fairly strong U.S. economic data contributed as well to the positive mood in the markets.

However, most of the markets ended just marginally up, as traders largely refrained from building up positions ahead of a long Easter holiday weekend.

The pan European Stoxx 600 climbed 0.24%. The U.K.'s FTSE 100 gained 0.36%, Germany's DAX and France's CAC 40 advanced 0.14% and 0.1%, respectively. Switzerland's SMI ended higher by 0.15%.

Among other markets in Europe, Austria, Belgium, Greece, Netherlands, Norway, Poland, Russia and Turkiye closed higher.

Denmark, Finland, Spain and Sweden ended weak, while Portugal settled flat.

In the UK market, JD Sports Fashion soared 15.5%. The British retailer of sports, fashion and outdoor brands said it expects full-year profit before tax and adjusted items to be in line with its outlook of 915 million pounds- 935 million pounds.

Antofagasta, Fresnillo, EasyJet, Hikma Pharmaceuticals, WPP, Flutter Entertainment, Reckitt Benckiser, Glencore, Whitbread, St. James's Place, Frasers Group, Vodafone, Anglo American Plc and Ashtead gained 1.5 to 3%.

Rolls Royce Holdings, Unite Group, Croda International, Phoenix Group Holdings, Kingfisher, Natwest Group, Howden Joinery and Barclays Group also posted strong gains.

Spirent Communications soared 11.6% as the telecommunications firm agreed to Keysight Technologies' offer valuing the firm at 1.16 mln pounds ($1.46 bln).

M&G declined more than 6%. Smith & Nephew ended 4.4% down. Ocado Group, Severn Trent, Taylor Wimpey, Prudential and United Utilities lost 1.6 to 3%.

In the German market, Siemens Energy climbed more than 3%. Merck, Puma and Symrise also ended sharply higher. MTU Aero Engines, Sartorius, HeidelbergCement and Adidas closed moderately higher.

Deutsche Post, Porsche, Brenntag, SAP, Continental and BASF lost 0.5 to 1.4%. Stratec SE shares fell 5.2%. The German maker of analyzer and automation systems for In-Vitro-Diagnostic registered a decline in net profit for the full year, due to a fall in sales and increased expenses.

In Paris, WorldLine rallied more than 4%. Eurofins Scientific, Alstom, Societe Generale, BNP Paribas, Legrand, Credit Agricole, Publicis Groupe, Renault and Edenred gained 1 to 3%.

Carrefour, Stellantis, Engie, Veolia, STMicroElectronics, Vinci, Capgemini, Sanofi, Hermes International and Essilor closed weak.

In U.S. economic news, revised data from the Commerce Department showed real gross domestic product surged by 3.4% in the fourth quarter compared to the previously reported 3.2% jump. Economists had expected the pace of GDP growth to be unrevised.

In economic releases from Europe, data from Destatis revealed that Germany's retail sales in February was down by 1.9% from January, confounding expectations for an increase of 0.3%. On a yearly basis, retail sales decreased 2.7% in real terms, worse than economists' forecast of 0.8% drop.

Joblessness in Germany increased less than expected in February despite the economy undergoing severe downward pressures, official data revealed. The number of people out of work increased only by 4,000 in March, the Federal Labor Agency reported. The figure was forecast to rise by 10,000 after increasing 12,000 in February.

Data released by the Office for National Statistics showed the U.K.'s gross domestic product fell by unrevised 0.3% after a 0.1% drop in the third quarter.

The statistical office thus confirmed a technical recession towards the end of 2023. Consequently, the economy grew only 0.1% in 2023, much weaker than the 4.3% expansion seen in 2022.

Car production in the United Kingdom grew for the sixth successive month in February amid strong demand in the domestic market, data from the Society of Motor Manufacturers and Traders, or SMMT, showed.

Total car production climbed 14.6% year-over-year, which was the best February performance since 2021.