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European Markets Close Higher

European markets ended mostly higher on Thursday, lifted by a rebound in crude oil prices and expectations of a rate cut by the Federal Reserve.

However, buying interest was somewhat subdued in most of the markets in the region due to lingering worries about U.S.-China trade tensions and geopolitical concerns.

The pan European Stoxx 600 edged up 0.16%. Among the major markets in Europe, Germany ended on a firm note, with its benchmark DAX rising 0.44%. The U.K.'s FTSE 100 and France's CAC 40 edged up marginally. Switzerland's SMI too closed with a small gain.

Other markets in Europe turned in a mixed performance.

In Germany, telecom stocks were in demand after the auction of spectrum for 5G mobile services fetched 6.55 billion euros.

Shares of 1&! Drillisch and United Internet rose more than 5% and 3.5%, respectively.

HeidelbergCement moved up more than 2%. Fresenius, Covestro, Wirecard, Lufthansa, Merck and SAP also ended notably higher.

In the French market, Michelin, ArcelorMittal, Technip and Dassault Systems climbed up 2 to 3%. Accor, Renault and Atos too ended on a firm note.

On the other hand, Societe Generale, Engie, Valeo and Essilor closed notably lower.

In the British market, Morrison Supermarket moved up sharply after the company said it was expanding collaboration with e-Commerce giant Amazon to many more cities across the U.K.

Ferguson jumped nearly 6%. Mondi, CRH, Rio Tinto, Anglo American Foods, IAG, British Land Company and Glencore also ended with solid gains.

In economic news, the Swiss National Bank today introduced the SNB policy rate, replacing the three-month Libor, saying the future of the Libor is not guaranteed. The SNB maintained the expansionary monetary policy as before.

Eurozone industrial production fell at the fastest rate in four months in April, figures from Eurostat showed.

Industrial production declined 0.5% month-on-month in April, following a 0.4% fall in March. This was in line with economists' expectations.

The latest decrease in production was the worst since December last year, when it was down 0.9 percent.

Germany's consumer price inflation eased to 1.4% in May from 2% in April, final data from Destatis revealed. The rate came in line with the estimate published on May 31.

In Brexit news, Luxembourg Prime Minister Xavier Bettel reportedly said that there would be no renegotiation of the U.K.'s departure deal with the European Union.

West Texas Crude oil futures rose more than 4% at one stage today after oil tankers reportedly came under attack in the Gulf of Oman, raising fears of a wider conflict. Prices dropped a bit subsequently, but were still well above previous close.

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