01:16 PM EDT, 03/26/2024 (MT Newswires) -- The European stock markets closed higher in Tuesday trading as the Stoxx Europe 600 gained 0.3%, the Swiss Market Index was up nearly 0.4%, France's CAC increased 0.4%, the FTSE in London rose 0.2%, and Germany's DAX closed nearly 0.8% higher.

The European economy remains on track for activity to improve and employment growth to moderate, according to S&P Global's Eurozone Q2 economic outlook. However, it also said that uncertainty over productivity trends and slow implementation of the EU's recovery package may cause a weaker-than-expected rebound in growth. As a result, the firm lowered its 2025 GDP growth forecast for the Eurozone to 1.3% from 1.5%.

The European Investment Bank said Tuesday that it is extending a loan of 600 million euros ($650 million) to Poland to help strengthen the country's economy. The bank said the investments are intended to increase digital and social development.

In France, Q4 growth in household gross disposable income remained at 1.0% from the previous quarter, according to the Institute for Statistics and Economic Studies, while household consumer prices slowed significantly in Q4, rising just 0.3% after a 1.0% increase in Q3.

In Germany, cocoa prices soared more than 73% in January from a year earlier, the largest price jump in cocoa prices in over 21 years, according to the Federal Statistical Office.

In corporate news, retailer stocks rallied on the European bourses in Tuesday's trading session as home improvement retailer Kingfisher rose 4.3% on the FTSE in London, followed by Marks & Spencer and JD Sports Fashion, which climbed 3.7% each, and Kering closed 3.2% higher in Paris.

Bank stocks also trended higher as BNP Paribas gained 2.9% on the CAC, followed by Credit Agricole and Societe Generale, which increased 1.3% and 0.8% respectively. UK bank Standard Chartered was up 2.9% in London.

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