12:19 PM EDT, 10/14/2024 (MT Newswires) -- European stock markets closed higher in Monday trading as The Stoxx Europe 600 rose 0.5%, the Swiss Market Index advanced 0.9%, France's CAC was up 0.3%, the FTSE in London gained 0.5%, and Germany's DAX increased 0.7%.

Europe's industrial recession intensified among major manufacturers in September due to macro factors such as competitive pressures from China, high energy costs and a flagging eurozone economy, according to the latest reading of the GEP Global Supply Chain Volatility Index. The index, which is released by consultancy GEP and S&P Global, declined to a nine-month low of -0.74 from -0.53 the previous month.

In Germany, the headline HCOB Germany Manufacturing PMI Export Conditions Index slid into contraction territory in September, falling to an eight-month low of 49.8 from 50.7 in August.

Meanwhile, producer prices for agricultural products in Germany fell 4.4% in August from July, and were down 2.8% from a year earlier, according to Germany's Federal Statistical Office.

In Switzerland, the producer and import price index declined 0.1% to 107.2 points in September from August, according to the Swiss Federal Statistical Office, which attributed the decline mainly to lower petroleum product prices.

In corporate news, the French government is considering taking a stake in French pharmaceutical company Sanofi's consumer health business, which is currently in talks to be sold to US firm Clayton Dubilier & Rice, to protect jobs and production in France, Bloomberg reported on Monday. Sanofi, CD&R and France Finance Minister's office did not immediately respond to MT Newswires' request for comment.

UK financial services company HSBC began a review of expenses and operational controls at its China digital wealth business Pinnacle a few months ago, Reuters reported Monday, citing several unnamed sources. HSBC declined MT Newswires' request for comment.

Stellantis said Monday that it has expanded its employee share purchase program, with the second round launched in 18 countries. The European automaker said nearly all its more than 230,000 employees can subscribe to the program between Nov. 5 and Nov. 14 for up to a total of 14 million shares.

Barclays' US consumer bank and General Motors said Monday they have signed a long-term deal under which the British financial services company will exclusively issue GM-branded rewards and business Mastercard charge cards. Financial terms were not disclosed.

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