12:12 PM EST, 01/06/2025 (MT Newswires) -- European stock markets closed higher Monday as the Stoxx Europe rose 0.94%, Germany's DAX climbed 1.53%, the FTSE in London was up 0.31%, France's CAC surged 2.24% and the Swiss Market Index advanced 0.58%.

The seasonally adjusted HCOB Eurozone Composite PMI Output Index rose to 49.6 in December from 48.3 in November, remaining below the 50-point threshold that separates contraction from expansion, according to S&P Global, which compiles the index from survey responses from manufacturers. That marked the second straight monthly contraction in economic activity.

In the UK, the seasonally adjusted S&P Global UK Services PM rose to 51.1 in December from 50.8 in November, indicating "a subdued end to 2024," according to S&P Global. The average index reading in Q4 was the lowest in a year.

In Germany, the provisional consumer price index rose 2.6% in December from a year earlier and climbed 0.4% from November, according to the Federal Statistical Office. The annual average inflation rate in 2024 rose an estimated 2.2%.

In corporate news, UBS Group retained independent ombudsman Neil Barofsky to investigate Nazi-linked accounts inherited from Credit Suisse.

HSBC named Lisa McGeough as chief executive officer of the British financial services company's US operations.