12:09 PM EDT, 05/15/2024 (MT Newswires) -- The European stock markets closed higher in Wednesday trading as The Stoxx Europe 600 rose 0.60%, the Swiss Market Index climbed 0.98%, France's CAC gained 0.17%, the FTSE in London was up 0.21%, and Germany's DAX closed 0.82% higher.

The European Commission said Wednesday that it believes the European economy has "turned a corner" and expects an "uptick in growth" this year that will accelerate in 2025. It also said inflation is set to fall further and reach the European Central Bank's target next year.

"After a difficult 2023, economic activity rebounded in the first quarter of this year," European Commissioner for Economy Paolo Gentiloni said in a statement. "Economic momentum is expected to gather pace over the coming quarters, leading to an annual growth rate for the EU of 1% this year and 1.6% in 2025."

Meanwhile, seasonally adjusted GDP increased 0.3% in Q1 in both the euro area and the EU, compared with the previous quarter, according to a flash estimate published by Eurostat, the statistical office of the EU. Compared with the year-earlier quarter, seasonally adjusted GDP increased 0.4% in both the euro area and in the EU.

Eurostat also reported that seasonally adjusted industrial production increased 0.6% in the euro area and 0.2% in the EU in March, compared with the previous month. Compared with March 2023, industrial production decreased 1.0% in both the euro area and the EU.

In France, the consumer price index rose 0.5% in April, after rising 0.2% in March, according to the Institute for Statistics and Economic Studies.

And in corporate news, shares of Experian closed more than 8% higher on the FTSE in London after the Dublin-based consumer credit reporting company reported fiscal year 2024 growth that was at the high end of its expectations.

UK-based HSBC said Wednesday that it is considering naming its new chief executive from a shortlist of internal candidates as it launches a search to find a successor to outgoing CEO Noel Quinn, Bloomberg reported Wednesday, citing people familiar with the plan.

British tobacco company Imperial Goods closed nearly 6% higher in London after it reported rising operating profit Wednesday for H1 of 2024, which it attributed to tobacco price increases.

And London-based luxury goods company Burberry fell more than 7% on the FTSE after it reported declining earnings and revenue for fiscal year 2024, which it blamed on "slowing luxury demand."