12:00 PM EST, 01/02/2025 (MT Newswires) -- The European stock markets closed higher in Thursday trading as The Stoxx Europe rose 0.61%, Germany's DAX gained 0.48%, the FTSE in London advanced 1.07%, France's CAC increased 0.18%, and the Swiss Market Index closed 0.1% higher.

The HCOB Eurozone Manufacturing Purchasing Managers' Index, which gauges the overall health of eurozone factories, declined slightly to 45.1 in December from 45.2 in November, according to S&P Global, which compiles the index. The reading marks the 13th straight month the index has been below the 50.0 threshold that delineates expansion from contraction.

The highest readings - and the only ones in expansion territory - were in Spain and Greece with readings of 53.3 and 53.2 respectively. The lowest readings were in Germany, which hit a three-month low of 42.5, and France, which fell to 41.9 - its lowest in more than a year.

Meanwhile in the UK, the manufacturing sector's downturn continued at the close of 2024 as the seasonally adjusted S&P Global UK Manufacturing Purchasing Managers' Index fell to an 11-month low of 47.0 in December from 48.0 in November. The UK's PMI has remained below the 50-point threshold for the past three months.

And in corporate news, British oil and gas giant BP said Thursday that gas has begun to flow from the first phase of the Greater Tortue Ahmeyim liquefied natural gas project offshore Mauritania and Senegal. The project's first phase is expected to produce about 2.3 million tons of LNG per year when fully commissioned, said the company.

Norwegian petroleum refiner Equinor said Thursday that it has secured a financing package of more than $3 billion for its Empire Wind 1 project in New York. The wind farm project, which is expected to begin commercial operation in 2027, will power 500,000 homes in New York, the company said.

TC BioPharm said late Tuesday that negotiations with its acquisition targets are progressing. The British biopharmaceutical company said it is looking to expand its therapeutic platform through acquisitions that focus on new indications and cell therapies.