12:14 PM EDT, 04/18/2024 (MT Newswires) -- The European stock markets closed mostly higher in Thursday trading as The Stoxx Europe 600 gained 0.32%, France's CAC rose 0.52%, the FTSE in London increased 0.37%, Germany's DAX was up 0.45%, while the Swiss Market Index countered the trend and nudged 0.01% lower.

Seasonally adjusted production in construction increased 1.8% in both the euro area and the European Union in February compared with January, according to first estimates from Eurostat, the statistical office of the EU. Compared with February 2023, production in construction decreased 0.4% in the euro area and 0.6% in the EU.

In Germany, real gross domestic product is likely to have increased slightly in Q1, according to the Deutsche Bundesbank, Germany's central bank. The bank said that "somewhat higher" industrial output and an increase in exports of goods are supporting the German economy.

In the UK, the latest Business Insights and Conditions Survey from the Office for National Statistics indicates that business conditions are still a challenge in Britain. Approximately 22% of trading businesses reported that their turnover decreased in March from February, while 16% reported their turnover had increased during the same period.

And in corporate news, Barcelona-based fashion and fragrance company Puig said it is planning an initial public offering in Spain and is looking to raise as much as 3 billion euros ($3.2 billion) by selling shares at between 22 euros and 24.50 euros each. The company said it expects to reach a market capitalization of between approximately 12.7 billion euros and 13.9 billion euros.

Shares of German pharmaceutical and laboratory equipment supplier Sartorius tumbled nearly 16% on the DAX after it reported Thursday that sales were down 7.6% during Q1.

Bank stocks rallied on the European bourses in Thursday trading as Commerzbank and Deutsche Bank rose 2.5% and 2% respectively in Frankfurt, while in Paris Societe Generale and BNP Paribas gained 2.3% and 2% respectively, followed by Credit Agricole, which was up 1.8%. And in London Standard Chartered and Barclays increased 2.9% and 2.3% respectively, while HSBC and NatWest Group were up 1.3% and 1.1% respectively.

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