12:21 PM EDT, 06/05/2024 (MT Newswires) -- The European stock markets closed higher in Wednesday trading as The Stoxx Europe 600 rose 0.8%, the Swiss Market Index climbed 1.2%, France's CAC gained 0.9%, the FTSE in London was up 0.3%, and Germany's DAX closed 0.9% higher.

The eurozone's economy recorded a third straight month of business activity growth in May as the seasonally adjusted HCOB PMI data compiled by S&P Global rose to a one-year high of 52.2 from 51.7 in April.

Of the top four eurozone economies, Germany, Spain, and Italy recorded growth in May, while France registered a marginal contraction in private sector activity. Spain remained the top performer, as its economic growth accelerated to a 14-month high, while Germany's output volumes rose fastest in a year.

Industrial producer prices decreased 1.0% in the euro area and 0.7% in the EU in April from March, according to Eurostat, the statistical office of the EU. Compared with April 2023, industrial producer prices decreased 5.7% in the euro area and 5.5% in the EU.

Meanwhile, the seasonally adjusted S&P Global UK Services PMI Business Activity Index declined to 52.9 in May from an 11-month high of 55.0 in April. Despite the lower reading, the index registered above the 50.0 no-change mark for the seventh consecutive month, indicating a sustained expansion in output for the UK's services economy.

And in corporate news, French oil and gas giant TotalEnergies said Wednesday that it signed a deal with institutional investor EIG to buy all of West Burton Energy's shares for 450 million British pounds ($575 million).

Shares of UK discount retailer B&M European Value Retail led the decliners on the FTSE, falling more than 7% in London after investors showed concern with a lack of guidance provided by the company in its most recent earnings report.

British-Australian mining company Rio Tinto said Wednesday it will invest 8 million Australian dollars ($5.3 million) over five years in a project that aims to improve conservation land management and support Traditional Owner ranger programs in Australia.

Marqeta said Wednesday it opened a new office in Warsaw, Poland to support the expansion of its services in Europe. The card issuing platform operator said it has started hiring employees in Warsaw and will continue to recruit throughout the year.