12:04 PM EST, 03/06/2024 (MT Newswires) -- European stock markets closed higher Wednesday as the FTSE in London was up 0.43%, Germany's DAX increased 0.1%,

France's CAC gained 0.28%, Stoxx Europe 600 rose 0.39% and the Swiss Market Index climbed 0.72%.

UK Chancellor Jeremy Hunt announced the spring budget, which includes another cut of 0.02 British pound ($0.025) in the Employee National Insurance and raising the High-Income Child Benefit Charge threshold to 60,000 pounds from 50,000 pounds from April.

The HCOB Eurozone Construction PMI Total Activity Index increased to 42.9 in February from 41.3 in January, according to S&P Global and Hamburg Commercial Bank.

In corporate news, shares of medical products and technologies company ConvaTec Group rose 6.1% on the FTSE after reporting higher profit and revenue in 2023.

On the DAX, Deutsche Post led the decliners as the German logistics and mail group fell 6.3% after it reported lower net profit and revenue in 2023.

Symrise led the advancers on the German exchange, gaining 6.2% after the chemicals company announced higher sales in 2023 and a planned dividend increase.