12:10 PM EST, 03/01/2024 (MT Newswires) -- European stock markets closed higher in Friday trading as the Stoxx Europe 600 rose 0.60%, the Swiss Market Index gained 0.48%, France's CAC nudged 0.09% higher, the FTSE in London was up 0.69%, and Germany's DAX increased 0.32%.

Euro area annual inflation declined to an estimated 2.6% in February, down from 2.8% in January, according to a flash estimate from Eurostat, the statistical office of the European Union.

Eurostat also reported that the euro area seasonally adjusted unemployment rate for January was 6.4%, down from 6.5% in December and 6.6% in January 2023. The unemployment rate in the EU was 6.0% in January, unchanged from December and down from 6.1% in January 2023.

Meanwhile, the HCOB Eurozone Manufacturing PMI compiled by S&P Global nudged lower to 46.5 from January's 10-month high of 46.6, marking the second-slowest deterioration in the Europe manufacturing sector since last March.

In the UK, the seasonally adjusted S&P Global UK Manufacturing Purchasing Managers' Index rose to 47.5 in March from 47.0 in February. Although the PMI has remained in contraction territory for the past 19 months, the latest reading was its highest since last April.

In Italy, the consumer price index increased 0.1% in February on monthly basis and 0.8% compared with February 2023, according to the Italian National Institute of Statistics.

And in corporate news, shares of Daimler Truck surged 18% on the DAX after its 2023 pre-tax earnings topped expectations and it raised its dividend and launched a buyback program.

Shares of Pearson climbed over 5% in London after the education company reported that its 2023 adjusted operating profit rose 31% and announced it is increasing its buyback program by 200 million pounds ($253 million).