12:16 PM EDT, 05/16/2025 (MT Newswires) -- The European stock markets closed higher in Friday trading as the Stoxx Europe 600 gained 0.28%, Germany's DAX was up 0.12%, the FTSE 100 rose 0.59%, France's CAC 40 increased 0.24%, and the Swiss Market Index advanced 0.61%.

In France, the unemployment rate was 7.4% in Q1, up slightly from 7.3% in the previous quarter, according to the national statistics agency.

In Italy, the annual inflation rate held steady at 1.9% in April, unchanged from March and slightly below the 2.0% forecast, according to Bloomberg.

And in corporate news, Novo Nordisk said Friday that Lars Fruergaard Jorgensen is stepping down as the company's chief executive. Jorgensen has agreed to continue as CEO to support a smooth transition, the company said.

Shares of the Danish pharmaceutical giant closed 1.8% lower in Copenhagen trading.

HSBC confirmed to MT Newswires Friday that it is forming a new Capital Markets and Advisory group by merging its global financing and investment banking operations. HSBC said the new business combines debt capital markets, leveraged and acquisition finance, and private credit with corporate finance and advisory services.

HSBC shares were up 0.38% in London.

Bristol-Myers Squibb said Friday it received European Commission approval for the perioperative regimen of neoadjuvant Opdivo and chemotherapy, followed by surgery and adjuvant Opdivo to treat resectable non-small cell lung cancer.