12:20 PM EDT, 06/12/2024 (MT Newswires) -- The European stock markets closed higher in Wednesday trading as The Stoxx Europe 600 climbed 1.15%, the Swiss Market Index gained 0.78%, France's CAC rose 0.97%, the FTSE in London was up 0.83%, and Germany's DAX closed 1.49% higher.

The European Commission said Wednesday that it has provisionally concluded that China's battery electric vehicles value chain benefits from unfair subsidization and is an economic threat to EU electric vehicle makers.

As a result, the Commission said it will apply a range of tariffs on Chinese automakers, including a more than 38% tariff for SAIC Motor, a 20% tariff for Geely, and a more than 17% tariff for BYD. The Commission said the tariffs are set to take effect July 4, unless a resolution is agreed upon between the bloc and the Chinese government.

In Germany, the consumer price index rose 2.4% in May compared with the same month last year, according to the Federal Statistical Office. This followed rises of 2.2% each for April and March.

"The inflation rate is therefore picking up again somewhat, mainly due to the continued rise in service prices," FSO President Ruth Brand said in a statement.

The seasonally adjusted HCOB Germany Manufacturing PMI Export Conditions Index rose to 51.9 in May from 51.2 in April, tying the highest reading in a little over two years. The index has now registered above the neutral 50-point threshold in each of the past four months.

In the UK, monthly real gross domestic product was flat in April following growth of 0.4% in March, according to the Office for National Statistics. Real gross domestic product is estimated to have grown 0.7% in the three months to April compared with the three months to January. The ONS also reported that UK industrial production declined 0.9% month over month in April and was down 0.4% year over year.

And in corporate news, shares of Rentokil surged nearly 14% on the FTSE in Wednesday trading following media reports that activist investor Nelson Peltz's Trian Partners has acquired a stake in the UK-based pest control company.

German healthcare company Fresenius Medical Care said Wednesday it has signed five virtual power purchase agreements with wind and solar energy project developers in the US and Germany.

Ford said Wednesday it plans to cut up 1,600 jobs at its assembly plant in Valencia, Spain, in addition to a reduction of 1,100 last year, Reuters reported, citing a spokesperson.

And FedEx said on Wednesday it would enact job cuts among back-office and commercial teams in Europe by 1,700 to 2,000 as part of its ongoing efforts to reduce structural costs.