12:06 PM EDT, 04/17/2024 (MT Newswires) -- The European stock markets closed higher in Wednesday trading as The Stoxx Europe 600 gained 0.17%, the Swiss Market Index was up 0.31%, France's CAC increased 0.62%, the FTSE in London rose 0.35%, and Germany's DAX closed 0.02% higher.

Annual inflation in the euro area rose 2.4% in March, down from 2.6% in February and 6.9% a year earlier, according to Eurostat, the statistical office of the European Union. Meanwhile, annual inflation in the EU was 2.6% in March, down from 2.8% in February and 8.3% a year earlier.

Compared with February, annual inflation fell in 13 member countries, rose in 10, and remained unchanged in four. The lowest annual rates were in Lithuania (0.4%), Finland (0.6%) and Denmark (0.8%), while the highest annual rates were in Romania (6.7%), Croatia (4.9%), Estonia and Austria (both 4.1%).

In the UK, the consumer prices index rose 0.6% on a monthly basis in March, compared with a 0.8% increase a year earlier, according to the Office for National Statistics. The CPI rose 3.2% in the 12 months to March, down from 3.4% in February. The ONS also reported that CPIH, which includes owner occupiers' housing costs, rose 0.6% on a monthly basis in March, compared with a 0.7% rise in March 2023, while the CPIH rose 3.8% in the 12 months to March, unchanged from February.

The UK's HM Land Registry reported Wednesday that the average house price in England increased 0.6% in February from January to 298,000 pounds ($371,215) but was down 1.1% from a year earlier.

And in corporate news, shares of Adidas led the DAX higher in Wednesday trading, rising nearly 9% after the shoe and apparel company reported better-than-expected Q1 earnings Tuesday and raised its full-year guidance.

German automaker Volkswagen said Wednesday that it is expanding its partnership with Chinese automaker XPENG to jointly develop what they call the China Electrical Architecture digital network. Volkswagen said the new digital network will be used in Volkswagen brand electric models produced in China beginning in 2026.

Czech investment holding company EP Corporate Group said Wednesday that despite having its proposed acquisition of UK postal services provider Royal Mail rejected by owner International Distributions Services, it will continue to "engage constructively" with the IDS board as EP "considers all its options." Shares of IDS were up nearly 16% in London.

Mining stocks rebounded in Wednesday trading after slumping the previous session as Anglo American and Fresnillo rose 3.5% and 2.9% respectively in London, followed by Antofagasta and Rio Tinto, which gained 2.8% and 2.6% respectively, while Glencore and Endeavour Mining were up 1.3% and 1.2% respectively.

Luxury goods stocks also rallied as shares of Louis Vuitton and Hermes International were up 2.8% and 2.3% respectively in Paris, followed by Pernod Ricard, which gained 1.1%, while Burberry closed 1% higher in London.

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