12:08 PM EDT, 04/04/2024 (MT Newswires) -- The European stock markets closed mostly higher in Thursday trading as The Stoxx Europe 600 gained 0.18%, the Swiss Market Index increased 0.64%, France's CAC was down 0.02%%, the FTSE in London rose 0.48%, and Germany's DAX closed 0.19% higher.

The seasonally adjusted HCOB Eurozone Composite PMI Output Index rose to a 10-month high of 50.3 in March from 49.2 in February, breaking through the 50.0 no-change threshold for the first time since May of 2023.

"The service sector in the eurozone is gradually finding its footing, with activity stabilizing in February and showing signs of moderate growth in March," Cyrus de la Rubia, chief economist at Hamburg Commercial Bank, said in a release. "It's particularly encouraging to note that new business has resumed growth after an eight-month dry spell.

Meanwhile, industrial producer prices declined 1.0% in the euro area and 0.9% in the EU in February compared with January, according to first estimates from Eurostat, the statistical office of the European Union. Compared with February 2023, industrial producer prices fell 8.3% the euro area and 8.1% in the EU.

Eurostat also reported that house prices declined 1.1% in Q4 of 2023 in the euro area and rose 0.2% in the EU compared with the same quarter the previous year.

In the UK, the seasonally adjusted final S&P Global UK Services PMI Business Activity Index declined to 53.1 in March from 53.8 in February but remained above the neutral 50-point threshold.

"The recovery in service sector output lost a little bit of momentum during March," Tim Moore, economics director at S&P Global Market Intelligence, said in a release.

And in corporate news, French cosmetics company L'Oreal has been holding discussions about acquiring a minority stake in luxury fragrance company Amouage from SABCO Group, according to Bloomberg, which cited people familiar with the talks. SABCO has mentioned a valuation of more than 3 billion euros ($3.2 billion) for Amouage, Bloomberg reported.

Entain said Thursday Chairman Barry Gibson plans to step down by the end of September. Shares of the UK-based sports betting and gaming company closed 5% higher on the FTSE in London.

Automotive stocks rallied in Thursday's trading session as German automakers BMW and Volkswagen gained 2.4% and 2.3% respectively on the DAX, followed by Mercedes Benz and Daimler Truck, which were up 1.8% and 1.4% respectively, while French automaker Renault rose 3.2% on the CAC.

Mining stocks were trending higher in London as Antofagasta and Fresnillo rose 4.7% and 3.2% respectively, followed by Anglo America and Glencore, which were up 3.1% and 1.2% respectively.

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