12:11 PM EST, 11/05/2025 (MT Newswires) -- The European stock markets closed higher in Wednesday trading as the Stoxx Europe rose 0.25%, Germany's DAX gained 0.42%, the FTSE 100 in London advanced 0.64%, France's CAC edged 0.08% higher, and the Swiss Market Index was up 0.46%.

The euro area economy saw its strongest expansion in October since May 2023, as the seasonally adjusted HCOB Eurozone Composite PMI Output Index rose to 52.5 from 51.2 in September, while the HCOB Services PMI Business Activity Index registered 53.0 in October, up from 51.3 the previous month.

"Finally, there's something positive to report about the eurozone economy again," Cyrus de la Rubia, chief economist at Hamburg Commercial Bank, said in a statement.

Meanwhile, industrial producer prices decreased 0.1% in the euro area and the EU in September, compared with August, according to preliminary estimates from Eurostat, the statistical office of the European Union. Compared with a year earlier, industrial producer prices decreased 0.2% in the euro area and increased 0.1% in the EU.

In the UK, business activity expanded in October for the sixth straight month, aided by improved demand conditions, according to the headline seasonally adjusted S&P Global UK Services PMI Business Activity Index, which rose to 52.3 from an earlier preliminary reading of 51.1.

And in corporate news, Novo Nordisk said Wednesday that it has accepted the US Inflation Reduction Act's Maximum Fair Price, or MFP, for its semaglutide-based Ozempic, Rybelsus, and Wegovy products, in Medicare Part D. The company said the prices will be effective as of January 2027.

Shares of the Danish pharmaceutical giant fell 4.5% in Copenhagen.

Automotive stocks tracked higher in Wednesday trading as BMW and Daimler Truck rose 6.9% and 3.7% respectively on the DAX, followed by Mercedes-Benz and Volkswagen, which gained 3.5% and 2.4% respectively. In Paris, Renault and Stellantis shares were up 2.4% and 1.8% respectively.