12:04 PM EDT, 05/07/2024 (MT Newswires) -- The European stock markets closed sharply higher in Tuesday trading as The Stoxx Europe 600 rose 1.15%, the Swiss Market Index climbed 1.64%, France's CAC increased 0.99%, the FTSE in London gained 1.22%, and Germany's DAX closed 1.45% higher.

S&P Global reported Tuesday that 13 of the 20 monitored sectors in its Europe Sector Purchasing Managers' Index registered growth in April. Although the services sector continued to lead the expansion, most manufacturing industries reported contractions in production during the month.

The HCOB Eurozone Construction PMI Total Activity Index, which tracks monthly changes in industry activity, fell to 41.9 in April from 42.4 in March indicating a sharp and accelerated drop in activity within the euro area.

In France, private payroll employment rose 0.2% in Q1 after declining 0.1% the previous quarter, according to the Institute for Statistics and Economic Studies.

And in corporate news, shares of German semiconductor company Infineon surged nearly 13% on the DAX after it announced a cost savings program called "Step Up." The company said its goal under the program is to "achieve structural improvements in our segment result in the high triple-digit million euro range per year."

Swiss bank UBS surged 7.6% on the Swiss Market Index after it reported increased earnings and revenue in Q1 compared with a year earlier.

Shares of UK oil and gas giant BP fell 1.3% on the FTSE after it reported lower-than-expected Q1 earnings and revenue.