12:24 PM EDT, 10/09/2024 (MT Newswires) -- The European stock markets closed higher in Wednesday trading as The Stoxx Europe 600 rose 0.66%, the Swiss Market Index gained 0.9%, France's CAC increased 0.5%, the FTSE in London advanced 0.65%, and Germany's DAX was up 1%.

Germany's government downgraded its economic forecast Wednesday, saying it expects GDP to shrink 0.2% in 2024, compared with its previous forecast in April of 0.3% growth for the year, multiple news outlets reported. It would be the second year in a row that German GDP growth declined.

Meanwhile German exports rose 1.3% in August from July, adjusted for calendar and seasonal factors, as imports fell 3.4%, according to the Federal Statistical Office. Compared with a year earlier, exports rose 0.1% while imports fell 3.1%.

In corporate news, Stellantis is close to securing Italian government approval to sell a majority stake in robotics firm Comau to One Equity Partners, Reuters reported Wednesday, citing a source close to the matter. Stellantis did not immediately reply to MT Newswires' request for comment. Shares of the European automaker closed 1.8% higher Wednesday trading in Paris.

British mining company Rio Tinto said it has agreed to acquire chemicals company Arcadium for $5.85 per share in cash. Arcadium has approximately 2,400 employees, with facilities and projects in Argentina, Australia, Canada, China, Japan, the UK and the US. The deal is expected to close in mid-2025, subject to regulatory approvals and other closing conditions.

Dutch telecommunications company VEON said Wednesday that it launched digital entertainment platform KINOM in Uzbekistan. The company said the platform offers more than 130 channels of linear TV, as well as on-demand films and TV series.