12:07 PM EDT, 07/03/2024 (MT Newswires) -- The European stock markets closed higher in Wednesday trading as The Stoxx Europe 600 rose 0.81%, the Swiss Market Index nudged up 0.06%, France's CAC climbed 1.24%, the FTSE in London gained 0.61%, and Germany's DAX closed 1.2% higher.

The European Commission reportedly plans to impose customs duties on cheap goods from China's online retailers like Temu, AliExpress, and Shein to curb the influx of substandard items entering the bloc, the Financial Times reported Wednesday, citing three people briefed on the matter.

In June, the seasonally adjusted HCOB Eurozone Composite PMI Output Index decreased for the first time since October, falling to 50.9 from 52.2 in May indicating a slowdown in expansion as Euro area economic growth slowed to three-month low. Spain remained the fastest-growing euro area economy, with output rising sharply, S&P said.

Meanwhile industrial producer prices decreased 0.2% in the euro area and 0.3% in the European Union in May compared with April, according to Eurostat, the statistical office of the EU. Compared with May 2023, industrial producer prices declined 4.2% in the euro area and 4.0% in the EU.

And in corporate news, British pharmaceutical company GSK said Wednesday that it will buy the rights to candidate vaccines for seasonal influenza, COVID-19, and avian influenza from CureVac for up to 1.45 billion euros ($1.56 billion).

Danish pharmaceutical giant Novo Nordisk's popular weight loss drugs Ozempic and Wegovy have a higher risk of developing a form of blindness known as non-arteritic anterior ischemic optic neuropathy, according to a study released by not-for-profit health care system Mass General Brigham. Shares closed 2.6% lower in Copenhagen. Novo Nordisk did not immediately respond to a request for comment from MT Newswires.

French pharmaceutical company Sanofi and Regeneron Pharmaceuticals said Wednesday the European Commission has approved Dupixent as an additional maintenance treatment for adults with uncontrolled chronic obstructive pulmonary disease.

Swiss bank UBS is facing fines in South Korea after the country's financial regulator found that two Credit Suisse affiliates violated stock short-selling regulations, according to a statement Wednesday from South Korea's Financial Services Commission.

European automaker Stellantis said Wednesday it will collaborate with the French research organization CEA over the next five years to design next-generation battery cells for electric vehicles.

And mining stocks rallied in Wednesday trading as Fresnillo rose 4.1% in London, followed by Antofagasta and Rio Tinto which were up 3.4% and 3.1% respectively, and Glencore, which was up 2.3%. ArcelorMittal closed 1.7% higher in Paris.