12:21 PM EDT, 10/16/2025 (MT Newswires) -- European stock markets closed higher in Thursday trading as the Stoxx Europe 600 gained 0.63%, Germany's DAX rose 0.38%, the FTSE 100 was up 0.12%, and France's CAC and the Swiss Market Index each advanced 1.38%.

In the UK, the monthly gross domestic product grew an estimated 0.1% in August after shrinking 0.1% in July, according to the Office for National Statistics. The growth met analyst forecasts, according to Bloomberg. Compared with a year earlier, GDP expanded 1.3%, compared with 1.5% in July, which also met expectations.

Monthly production output in the UK rose an estimated 0.4%, compared with a 0.4% decline in July, which topped analyst forecasts of 0.2% growth, according to Bloomberg.

In Italy, the annual inflation rate held steady at 1.6% in September, unchanged from August, while the monthly rate declined by 0.2%, following a 0.1% increase in August, according to the Italian National Institute of Statistics. Both figures were in line with analyst forecasts, according to Bloomberg.

In corporate news, Novo Nordisk started implementing a round of layoffs in the US on Tuesday, with notifications to affected employees expected this week and next, Reuters reported Wednesday.

"We have announced that the total number of intended workforce reductions globally is approximately 9,000," a Novo Nordisk spokesperson said in an e-mailed statement to MT Newswires. "We will not share additional details. This process takes time, and our highest priority is to support our employees,"

Shares of the Danish pharmaceutical company rose 0.6% in Copenhagen.

Nestle's shares surged more than 9% in Zurich as the company announced plans to shed 16,000 workers, raising its savings target to 3 billion Swiss francs ($3.77 billion) by the end of 2027.

UBS Group increased its scrutiny of client money sources in its Asia wealth hubs, prompting some customers to provide greater disclosures, Bloomberg reported. The bank's share eased 0.2% in Zurich.

HSBC has no exposure to the collapse of First Brands Group, which recently filed for bankruptcy, Bloomberg reported, citing an interview with Michael Roberts, HSBC's corporate and institutional banking head.

Shares of the British lender were little changed in London.

Sanofi signed a collaboration and license agreement with EVOQ Therapeutics focused on autoimmune disease research. Sanofi will lead global development and commercialization, while EVOQ is eligible to receive more than $500 million in upfront, preclinical, development, and sales milestones, plus tiered royalties on product sales.

Sanofi shares rose 2.4% in Paris.