European Markets Close Higher As Stocks Rise On Late Buying

European stocks closed higher on Thursday with some markets moving into positive territory well past mid afternoon, as investors digested regional and U.S. economic data, and corporate news, in addition to following the developments on the geopolitical front.

Investors also assessed the likely impact of Donald Trump’s second term as U.S. President, on global economic growth.

The mood remained cautious with investors digesting quarterly results from Nvidia. While earnings surpassed quarterly estimates, the company’s sales forecast for the current period has turned out to be somewhat disappointing.

The pan European Stoxx 600 climbed 0.41%. The U.K.’s FTSE 100 gained 0.79%, Germany’s DAX closed up 0.74% and France’s CAC 40 ended 0.21% up, while Switzerland’s SMI gained 0.45%.

Among other markets in Europe, Austria, Belgium, Greece, Netherlands, Norway, Poland, Portugal, Spain, Sweden and Turkiye closed higher.

Denmark, Iceland and Russia ended weak, while Finland closed flat.

In the UK market, Halma rallied about 5.75% after the company reported strong quarterly results.

Beazley gained 3.6%. Rolls-Royce Holdings, Diploma, B&M European Value Retail, Marks & Spencer, Experian, Hiscox, 3i Group, Centrica, Airtel Africa, Bunzl, BAE Systems, Next, BP, Shell, Entain and Pershing Square Holdings gained 1.7 to 3%.

JD Sports Fashion shares tanked 15.5% following a profit warning. The company recorded a decline in like-for-like or LFL sales for the third quarter, due to volatile market environment. However, the company posted a rise in organic sales.

The retailer also revised down its annual adjusted pre-tax earnings outlook. The company said it expects profit before tax and adjusting items to be at the lower end of its original guidance of 955 million pounds to 1035 million pounds.

Vodafone Group closed down 3.3%. National Grid, Vistry Group, BT Group, Croda International, British Land and Fresnillo lost 1 to 2%.

In Germany, Qiagen, Siemens Energy, Hannover Rueck, Allianz, Munich RE, SAP, MTU Aero Engines, Rheinmetall, Fresenius, Fresenius Medical Care and Zalando gained 1.3 to 3.5%.

Porsche, Puma, Brenntag, Continental, Siemens Healthineers, Adidas and Commerzbank lost 1 to 2.7%.

In Paris, Schneider Electric, Airbus Group, Eurofins Scientific and L’Oreal closed up 1.1 to 1.5%.

Kering ended down 3.25%. Teleperformance, Bouygues, Vivendi, Carrefour, Danone, Pernod Ricard, Orange and Essilor drifted down 0.5 to 1.25%.

On the economic front, the confidence among French manufacturers rebounded somewhat in November after weakening sharply in the prior month. The manufacturing sentiment index rose to 97 from 93 in October, according to INSEE. However, the index is still below its long-term average of 100. The expected score was 95.0. All of the balances of opinion defining the climate have contributed to its rebound, except the general output prospects.

The UK budget deficit exceeded expectations in October and hit the second highest October level on record largely reflecting the increase in debt interest payments. Public sector net borrowing increased to GBP 17.4 billion from GBP 15.8 billion in the previous year, data from the Office for National Statistics revealed.

The UK manufacturers expect output volumes to increase moderately in the three months to February, survey results from the Confederation of British Industry showed. In the three months to November, output volumes decreased at a faster pace than in the previous quarter.

Europe’s new car registrations increased in October after two consecutive declines, the European Automobile Manufacturers’ Association, or ACEA, reported Thursday. New car sales registered a moderate growth of 1.1%, reversing a decline of 6.1% in September. The rebound was driven by robust performances in Spain and Germany. Registrations in Spain grew 7.2% from a year ago.