12:13 PM EDT, 04/23/2024 (MT Newswires) -- The European stock markets closed higher in Tuesday trading as The Stoxx Europe 600 rose 1.11%, the Swiss Market Index gained 1.25%, France's CAC increased 0.81%, the FTSE in London was up 0.26%, and Germany's DAX advanced 1.58%.

Business activity in the euro area grew at its fastest rate in close to a year in April, according to the seasonally adjusted HCOB Flash Eurozone Composite PMI Output Index, compiled by S&P Global. The index rose to 51.4 in April from 50.3 in March.

The European Commission's directorate general for economic and financial affairs' flash estimate of the consumer confidence indicator remained unchanged in April at -15.2 in the EU, while nudging 0.2 percentage points higher in the euro area to -14.7. Consumer confidence scores remain well below their long-term average.

In the UK, private sector activity expanded for the sixth straight month in April as the seasonally adjusted S&P Global Flash UK PMI Composite Output Index rose to 54.0 from 52.8 in March.

In Germany, exports to countries outside the EU declined 0.8% in March from February on a calendar and seasonally adjusted basis, according to the Federal Statistical Office.

And in corporate news, shares of Associated British Foods led the gainers on the FTSE in London, rising nearly 9% after it reported interim results that showed a 46% increase in adjusted operating profit, which it said reflected "strong margin recovery."

UK-based JD Sports Fashion has agreed to acquire US-based retailer Hibbett (HIBB) for $87.50 per share, or $1.1 billion in cash. Shares of JD Sports Fashion closed 3.8% higher in London.

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