12:09 PM EST, 12/04/2024 (MT Newswires) -- The European stock markets closed mixed in Wednesday trading as The Stoxx Europe gained 0.38%, Germany's DAX rose 1.00%, the FTSE in London was off 0.28%, France's CAC was up 0.66%, and the Swiss Market Index was down 0.43%.

European Central Bank President Christine Lagarde provided a gloomy economic forecast for the euro area at a European parliament hearing Wednesday. Lagarde said the medium-term economic outlook is "dominated by downside risks" and that "geopolitical risks are elevated, with growing threats to international trade."

Meanwhile, the seasonally adjusted HCOB Eurozone Composite PMI Output Index slid back into contraction in November, falling to 48.3 from 50.0 in October. The reading was the sharpest decrease in 10 months.

Eurostat, the statistical office of the European Union, reported Wednesday that industrial producer prices increased 0.4% in the euro area and the EU in October compared with September. Compared with a year earlier industrial producer prices were down 3.2% in the euro area and 3.0% in the EU.

In the UK, the headline seasonally adjusted S&P Global UK Services PMI Business Activity Index declined to 50.8 in November from 52.0 in October, registering its lowest reading in more than a year.

And in corporate news, Stellantis' former Chief Executive Carlos Tavares was ousted by board members over unrealistic sales targets and job cuts, Reuters reported Wednesday. The European automaker said Sunday that Tavares resigned, effective immediately, and that it has launched a search process for a successor. Stellantis did not immediately respond to a request for comment from MT Newswires.

Microsoft is facing a lawsuit for up to 1 billion UK pounds ($1.27 billion) over allegations that thousands of UK businesses may be paying gratuitous licensing fees. The class action lawsuit was filed Tuesday at the UK's Competition Appeal Tribunal.

Eli Lilly said Wednesday its Surmount-5 phase 3b clinical study showed that Zepbound provided a 47% "greater relative weight loss" compared to Danish pharmaceutical company Novo Nordisk's Wegovy.