12:10 PM EST, 03/03/2025 (MT Newswires) -- The European stock markets closed higher in Monday trading as The Stoxx Europe 600 rose 1.12%, Germany's DAX surged 2.64%, the FTSE 100 in London gained 0.70%, France's CAC 40 advanced 1.09%, and the Swiss Market Index was up 1.25%.

Euro area annual inflation was an estimated 2.4% for February, down from 2.5% in January, according to a flash estimate from Eurostat, the statistical office of the EU. The highest rates were in Estonia and Croatia at 5.0% and 4.7% respectively, while the lowest rates were in France and Ireland at 0.9% and 1.3% respectively.

The HCOB Eurozone Manufacturing PMI compiled by S&P Global, which gauges the health of eurozone factories, rose to 47.6 in February from 46.6 in January. Despite reaching its highest reading in two years, all but two countries remain in contraction territory. Ireland and Netherlands had the highest readings at 51.9 and 50.0 respectively, while the lowest readings were in France and Germany at 45.8 and 46.5 respectively.

In the UK, the seasonally adjusted S&P Global UK Manufacturing Purchasing Managers' Index dropped to 46.9 in February from 48.3 in January, marking a 14-month low. It was also the fifth straight month the PMI has remained in contraction.

And in corporate news, European defense stocks surged higher in Monday trading on expectations the EU will increase defense spending due to concerns the US could withdraw military support for the continent. Thales shares advanced 16% in Paris, Rheinmetall's stock climbed 14% in Frankfurt, and BAE Systems closed 15% higher in London.

ING Groep said Monday that it reached a deal with Reggeborgh Groep to acquire an additional 17.6% stake in specialist wealth manager Van Lanschot Kempen. The Dutch financial services company said the deal will raise its stake in Van Lanschot Kempen to 20.3%. Financial details were not disclosed.

UK pharmaceutical giant Astrazeneca said Saturday that full results from a phase 3 trial show tezepelumab, which is sold under the brand name Tezspire, led to significant reductions in nasal polyp severity, surgery requirements, and systemic corticosteroid use for patients with chronic rhinosinusitis with nasal polyps, compared with placebo.

Britain's Information Commissioner's Office said Monday that it is investigating how social media platforms TikTok, Reddit, and Imgur protect the privacy of their child users in the UK over concerns children may be exposed to inappropriate or harmful content.

"Our recommender systems are designed and operate under strict and comprehensive measures that protect the privacy and safety of teens, including industry-leading safety features and robust restrictions on the content allowed in teens' feeds," a TikTok representative told MT Newswires. Reddit and Imgur did not respond to requests for comment.