European stock markets close higher on Thursday

By Aysu Bicer

ANKARA (AA) – European stock markets ended higher on Thursday despite mounting concerns over war-driven supply shocks with investors shifting their focus to quarterly corporate earnings.

US pharmaceutical firm Merck gained more than $3.2 billion in sales of its coronavirus pill during the first quarter of this year.

Twitter saw its profit, revenue and the number of users, increase in the first quarter of this year.

Its revenue totaled at $1.2 billion from January to March, rising 16% year-on-year, or 19% on a constant currency basis, "reflecting headwinds associated with the war in Ukraine," the social media company said.

But Russia's invasion of Ukraine continues to have a negative impact on the global economy, with inflation in Germany rising to 7.4% in April, the highest level of the last 41 years.

Car production in the UK fell 32.4% in the first quarter of this year compared to the same period in 2021.

The EU labor market, hit hard by the pandemic, managed to recover in 2021.

The STOXX Europe 600, which includes around 90% of the market capitalization of the European market in 17 countries, increased nearly 3 points, or 0.62%, to finish at 447 points.

London's FTSE 100 rose 83.58 points, or 1.13%, to 7,509, while Germany's DAX 30 gained 186 points, or 1.35%, to end the day at 13,979.

France's CAC 40 went up by 63 points, or 1%, to 6,508.

Italy's FTSE MIB climbed 225.45 points, or 0.95%, to close at 24,055.

Spain's IBEX 35 shot up 35 points, or 0.41%, to end the day at 8,512.