12:05 PM EST, 11/07/2024 (MT Newswires) -- The European stock markets closed mostly higher in Thursday trading as The Stoxx Europe rose 0.71%, Germany's DAX climbed 1.72%, France's CAC increased 0.76%, the Swiss Market Index was up 0.59%, while the FTSE in London declined 0.32%.

The Bank of England's Monetary Policy Committee voted 8-1 to reduce the bank rate by 25 basis points to 4.75%. One member voted to maintain the interest rate at 5%.

"There has been continued progress in disinflation, particularly as previous external shocks have abated, although remaining domestic inflationary pressures are resolving more slowly," the central bank said Thursday.

Meanwhile, UK house prices increased 0.2% in October, marking a fourth straight monthly increase. Compared with a year earlier prices were up 3.9%, decelerating from a 4.6% annual increase in September.

The seasonally adjusted retail trade volume increased 0.5% in the euro area and 0.3% in the European Union in September compared with August, according to first estimates from Eurostat, the statistical office of the EU. Compared with a year earlier, the calendar adjusted retail sales index rose 2.9% in the euro area and 2.8% in the EU.

In Germany, price-adjusted production in the manufacturing sector declined 2.5% in September compared with August, according to preliminary data from the Federal Statistical Office. Compared with the same month a year earlier manufacturing production was down 4.6%.

And in corporate news, Banco Bilbao Vizcaya Argentaria's proposed takeover of Banco Sabadell is likely to face an extended assessment period from Spain's competition watchdog, Bloomberg reported, citing people familiar with the matter. BBVA and Banco Sabadell did not immediately reply to requests for comment from MT Newswires.

Shares of German tech company Rheinmetall closed more than 9% higher on the DAX after it reported record Q3 sales and earnings.

Stellantis and Infineon Technologies said Thursday that they have agreed to work together on the power architecture that will support the European automaker's electric vehicles.

And mining stocks rallied in Thursday trading as Antofagasta and Anglo American rose 4.9% and 4.1% respectively on the FTSE, followed by Glencore and Rio Tinto, which gained 3.9% and 3.3% respectively. ArcelorMittal advanced 6.9% in Paris.