European Stocks Close Higher Ahead Of Long Weekend

European stocks closed higher on Thursday despite recent data from the U.S. raising fears of a recession in the world’s largest economy.

Investors, digesting a slew of European economic data, largely stayed a bit cautious ahead of the long weekend. European markets will remain closed on Friday for Good Friday.

The pan European Stoxx 600 climbed 0.51%. The U.K.’s FTSE 100 surged 1.03%, Germany’s DAX gained 0.5% and France’s CAC 40 edged up 0.12%. Switzerland’s SMI ended 1.03% up.

Among other markets in Europe, Austria, Belgium, Czech Republic, Finland, Greece, Ireland, Netherlands, Portugal, Spain and Sweden ended higher.

Poland, Russia and Turkiye ended weak.

In the UK market, Admiral Group surged 4.5%. Unite Group, Land Securities, Croda International, Legal & General, Rolls-Royce Holdings, Haleon, Segro, British Land, Barclays, Entain Plc and BT Group gained 2.5 to 4%.

Convatec Group, Melrose Industries, Reckitt Benckiser and Smiths Group lost 1 to 2.3%.

In the German market, Vonovia rallied nearly 6%. Symrise climbed about 4%, while Commerzbank, Fresenius Medical Care, RWE, Fresenius, Bayer, Hannover Rueck, Deutsche Bank, Munich RE, MTU Aero Engines, Allianz, Merck and Deutsche Boerse gained 1 to 2.3%.

Siemens and Deutsche Telecom both ended lower by nearly 2%. Beiersdorf, Deutsche Post, Puma and Zalando also ended notably lower.

In Paris, Thales, BNP Paribas, Unibail Rodamco and Bouygues gained 2.2 to 2.7%. Air Liquide, Orange, Societe Generale, AXA, Airbus Group, Vinci, Credit Agricole, Safran and Alstom were the other prominent gainers.

L’Oreal ended more than 3% down. Hermes International, LVMH and Kering lost 1.7 to 2%.

In economic releases, data from Destatis showed Germany’s industrial production grew 2% on a monthly basis in February, faster than economists’ forecast of 0.1% gain. However, the pace of growth eased from 3.7 percent in January.

Germany’s construction sector logged its steepest contraction this year so far, as output and new orders fell at faster rates along with a downbeat outlook, survey results from S&P Global showed.

The construction Purchasing Managers’ Index dropped to 42.9 in March from 48.6 in the previous month.

UK house prices rose for a third month in a row in March, defying expectations, Lloyds Bank subsidiary Halifax said Thursday. The house price index climbed 0.8% month-on-month following a 1.2% increase in each of the previous three months.

The UK construction activity logged only a marginal expansion at the end of the first quarter, as the faster rise in the civil engineering category was offset by lower demand for residential works, survey results from S&P Global showed Thursday. The Chartered Institute of Procurement & Supply construction Purchasing Managers’ Index, or PMI, dropped more-than-expected to 50.7 in March from 54.6 in February.

Switzerland’s unemployment rate decreased for the second straight month in March, in line with expectations, the State Secretariat for Economic Affairs, or SECO, said on Thursday. The unadjusted unemployment rate dropped to a 4-month low of 2% in March from 2.1% in February.