12:15 PM EDT, 04/08/2024 (MT Newswires) -- The European stock markets closed higher in Monday trading as The Stoxx Europe 600 rose 0.49%, the Swiss Market Index gained 0.45%, France's CAC increased 0.72%, the FTSE in London was up 0.41%, and Germany's DAX closed 0.77% higher.

Euro area companies reported tightening financing conditions in Q1, but much less so than in the previous quarter, according to a survey released by the European Central Bank Monday. The respondents also said they expect their selling prices and wages to increase by averages of 3.3% and 3.8% respectively over the next 12 months, "with both figures representing a moderation relative to the previous survey round," the ECB said.

Meanwhile, seasonally adjusted services production increased 1.5% in the euro area and 1.0% in the EU in January, according to first estimates from Eurostat, the statistical office of the European Union. Compared with January 2023, services production increased 4.5% in the euro area and 4.1% in the EU.

In Germany, seasonal- and calendar-adjusted manufacturing sector production rose 2.1% in February compared with the previous month, according to preliminary information from the Federal Statistical Office.

In the UK, recruitment activity continued to fall in March amid reports of hiring freezes and cost cutting, according to the most recent KPMG and REC, UK Report on Jobs survey, compiled by S&P Global. March marked the fifth straight monthly decline in the demand for workers in the UK.

And in corporate news, UK retailer John Lewis said Monday that it has named Jason Tarry as its new chairman to succeed Sharon White, who will step down in September. Tarry will join the company after 33 years at British supermarket chain Tesco, where he has been CEO of the UK and Ireland for the past six years.

Mining stocks rallied as Rio Tinto and Anglo American climbed 4.2% and 3.2% respectively on the FTSE in London, followed by Fresnillo and Glencore, which were up 2.6% and 1.9% respectively, while ArcelorMittal gained 1.4% on the CAC in Paris.

And shares of Zalando closed more than 7% higher on the DAX after analysts at Citigroup upgraded the German retailer's stock to a "buy" rating from "neutral," according to media reports.

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