12:12 PM EDT, 10/11/2024 (MT Newswires) -- The European stock markets closed higher in Friday trading as The Stoxx Europe 600 rose 0.53%, the Swiss Market Index was up 0.63%, France's CAC gained 0.50%, the FTSE in London increased 0.17%, and Germany's DAX advanced 0.75%.

In Germany, the annual inflation rate declined to 1.6% in September, down from 1.9% in August and 2.3% in July, according to the Federal Statistical Office, which said the last time the annual inflation rate was lower was when it was 1.5% in February 2021.

In the UK, monthly real gross domestic product grew an estimated 0.2% in August after showing no growth in July, according to the Office for National Statistics. For the three months to August, real GDP grew an estimated 0.2%, compared with the three months to May.

In Switzerland, the Swiss Federal Statistical Office's consumer sentiment index rose 17 points in September from the same month a year earlier to -34 points. Perceptions of the economic outlook, past financial situation, financial outlook, and moment to make major purchases all rose from a year earlier, the Swiss FSO reported.

And in corporate news, BP said Friday it expects Q3 net debt to increase due to lower refining margins and the "rephasing" of about $1 billion of divestment proceeds into Q4. The British oil and gas company said oil-products trading was weak, and that decreased margins from processing crude will reduce earnings by $400 million to $600 million.

Stellantis said late Thursday it named Doug Ostermann as chief financial officer, effective immediately. Ostermann, previously the company's operations chief of its China operations, will succeed Natalie Knight, who is leaving the company, the automaker added. Stellantis also said that Chief Executive Carlos Tavares will retire in early 2026 and it has launched a search for a new CEO. Shares of the European automaker closed 2.4% lower in Paris.

London-based Shell's employees have criticized the company's leadership over proposed job cuts, Bloomberg reported Friday, citing internal company communications. The survey showed declines in nearly every key measure, including employee engagement and organizational leadership, according to the report. A Shell spokesperson told MT Newswires that employees are experiencing "significant change" as the company moves through the energy transition. "A very small number have made comments, which we listen to as part of our active staff engagement," the spokesperson said.

Novo Nordisk is planning to grow its operations in India by hiring more officials in the country while creating partnerships with local artificial intelligence start-ups, Reuters reported Friday, citing a company executive. The company also said it expects its workforce to grow 16% to 5,000 in 2025. Shares of the Danish pharmaceutical company rose 2.6% in London.

German pharmaceutical giant Bayer has been ordered by a US jury to pay $78 million to a man who said he got cancer from the company's Roundup weed killer product, Reuters reported late Thursday. Shares of Bayer closed 1.4% lower in Frankfurt.

Dublin-based PDD Holdings' shopping website Temu received a request Friday from the European Commission for information on actions taken against traders selling illegal products on its online marketplace. The Commission also said it is seeking details about Temu's recommender systems and the potential risks to user data protection. PDD did not immediately respond to MT Newswires' request for comment.

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