Europe close: Stocks buoyed by positive economic data

European shares pushed further ahead on Thursday as Tui shares spiked on an unexpected updated from the travel giant and investors were cheered by a better-than-expected jump in German industrial production and positive data from China.

The pan-regional Stoxx 600 index was up 0.51% at 458.94, with all major bourses higher.

Investors were also mulling fresh data that showed a higher than expected level of first-time weekly US jobless claims.

Those figures arrived ahead of the critical monthly US jobs data due out the next day, even though many markets would be closed for the Easter holiday break.

Overnight, activity in China’s services sector grew at the fastest pace in two and a half years in March, fresh survey data revealed.

The Caixin services purchasing managers’ index rose to 57.8 from 55.0 in February, coming in ahead of expectations for it to be unchanged.

That marked the third increase in a row and the fastest rate of expansion since November 2020.

German industrial production reported a sharper than expected rise of 2% in February against the previous month, driven by vehicle manufacture, the federal statistical office said.

Analysts had forecast a slight increase of 0.1%. The statistics office also revised January’s figure to a 3.7% increase, up from 3.5%. Year-on-year, industrial production rose 0.6% in February.

Eurozone construction activity contracted for the eleventh consecutive month on the back of a weaker housing market, according to a widely read survey published on Thursday.

In equity news, shares in Tui surged by 12% on the back of an update via press release stating current bookings for Easter had been "encouraging" with customers continuing to book at shorter notice, preferring package holidays and all-inclusive offers.

Temenos gained 2% after a Bloomberg report citing unnamed sources that the Swiss banking software maker had asked for fresh expressions of interest from potential suitors in recent weeks after takeover talks fell apart last year over price.

THG shares were also up by 2% on the back of a 10-year deal with ecommerce beauty products retailer Maximo.