01:09 PM EDT, 03/27/2024 (MT Newswires) -- The European stock markets closed higher in Wednesday trading as The Stoxx Europe 600 gained 0.11%, the Swiss Market Index rose 0.22%, France's CAC increased 0.25%, the FTSE in London nudged up 0.01%, and Germany's DAX closed 0.49% higher.

The European Commission's Economic Sentiment Indicator rose 0.7 points in the EU to 96.2 and 0.8 points in the euro area to 96.3 in March, while its Employment Expectations Indicator was relatively flat, nudging 1 point higher in both the EU and euro area to 102.3 and 102.6 respectively, but remained above its long-term average of 100.

The Bank of England said Wednesday that the UK's economic outlook has "improved somewhat" since its Financial Stability Report in December. However, the central bank said some risks to the UK's financial system's stability have increased, and that parts of the global financial system "remain vulnerable to stress."

In France, household confidence in the economic situation improved in March, rising one point to 91, but remained below its long-term average of 100, according to the Institute for Statistics and Economic Studies.

And in corporate news, British fashion labels ASOS, Boohoo and George at Asda have signed agreements with UK watchdog the Competition and Markets Authority to change the way they display, describe, and promote their green credentials. The agreements follow an investigation the CMA launched in 2022 to scrutinize so-called "green claims" by ASOS, Boohoo and George at Asda over concerns of possible greenwashing.

Shares of UK packaging company DS Smith surged more than 10% on the FTSE in Wednesday's trading session after media reports said International Paper (IP) has offered to acquire the company for 5.72 billion British pounds ($7.22 billion). DS Smith had previously agreed to merge with competitor Mondi in a deal valued at 5.1 billion pounds.

British distribution group Diploma's stock rose more than 9% in London after the company said it plans to acquire Peerless Aerospace Fastener, a distributor of specialty fasteners in the US and European aerospace markets, for 236 million British pounds.

British oil and gas company Ithaca Energy said Wednesday that it has signed a deal with Italian oil and gas company Eni (ENI) under which Eni has granted Ithaca Energy exclusivity of its UK upstream assets. Eni will contribute its UK business in exchange for the issuance of new Ithaca Energy shares to Eni, which expects to hold between 38% and 39% of the enlarged issued share capital of Ithaca.

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