European Markets Close On Strong Note

(RTTNews) - Most of the stock markets across Europe closed on a strong note on Thursday, led by gains in pharmaceuticals, defensive sectors. Easing concerns about inflation and interest rates, as well as a new reform package from the German government and some encouraging corporate news contributed to the positive mood in the markets.

The pan European Stoxx 600 gained 1.41%. The UK's FTSE 100 jumped 1.67%, Germany's DAX closed 2.16% up, hitting a new record high. France's CAC 40 climbed 1.65%, while Switzerland's SMI settled 1.69% up.

Among other markets in Europe, Austria, Belgium, Czech Republic, Denmark, Finland, Greece, Ireland, Norway, Poland, Portugal, Spain, Sweden and Türkiye closed on firm note.

Russia closed notably lower, while Iceland and Netherlands settled flat.

In the UK market, Babcock International, BAE Systems, AstraZeneca, Melrose Industries, St. James's Place and Airtel Africa gained 4%-5.6%.

GSK, Coca-Cola HBC, Diageo, Endeavour Mining, Compass Group, Tesco, SSE, LSEG, Fresnillo, Smith & Nephew, Haleon, Reckitt Benckiser, Lloyds Banking Group, IAG, British American Tobacco, Centrica, Imperial Brands, Aviva, Sainsbury (J), 3i Group and Marks & Spencer also moved up sharply.

Polar Capital Technology Trust drifted down 3.6%. Entain, Computacenter, JD Sports Fashion, Prudential, F&C Investment Trust and Pershing Square Holdings lost 1%-2.2%.

Shares of electricals retailer Currys tumbled nearly 4% despite the company posting improved annual profit and announcing a fresh share buyback program of up to £50 million. However, the stock recovered from the day's lows and finally settled with a loss of about 1.4%.

In the German market, Bayer soared nearly 9% after an announcement that it was consolidating its U.S. Roundup business into a new unit.

Rheinmetall climbed 6.7%. Vonovia moved up 6%, while Deutsche Bank, Volkswagen, Heidelberg Materials, Brenntag, Zalando, E.ON, Deutsche Post, BMW, Continental, Deutsche Telekom, Deutsche Boerse, Fresenius, Fresenius Medical Care, Mercedes-Benz, Daimler Truck Holding, Porsche Automobil Holding, Merck and Commerzbank also posted strong gains.

Infineon drifted down by about 2%. Scout24 closed modestly lower.

In the French market, ArcelorMittal jumped nearly 6.5%. Thales rallied 4.8%. LVMH, Hermes International, Pernod Ricard, Carrefour, Sanofi, Airbus, Kering, Danone, Edenred, Engie, Michelin, Air Liquide, Veolia Environment, Vinci and L'Oreal gained 2%-3.5%.

Shares of food services group Sodexo soared 7.5% after delivering stronger-than-expected Q3 performance and raising its full-year organic revenue growth forecast.

Legrand fell 2.7%. Renault ended lower by about 1.3%, while Stellantis and STMicroelectronics ended moderately lower.

In economic news, data showed France's state budget deficit narrowed to EUR 93.3 billion in the January-May period from EUR 94.0 billion a year earlier.