Europe close: Stocks end mostly higher, Cac-40 notches up record high

European shares were mostly higher on Thursday buoyed by a softer-than-expected reading for US wholesale prices, positive economic data on the Continent and upbeat corporate news.

"The afternoon has seen stocks bolstered by weaker PPI figures in the US, along with a rise in jobless claims," said IG chief market analyst Chris Beauchamp.

"This means that the market is once again back to hoping that more bad news will tilt the Fed further towards a pause beyond the next meeting, though hopes for a 'no change' at the upcoming get-together remain dim."

The pan-regional Stoxx 600 index was up 0.40% to 464.21, alongside a 1.13% jump in France's Cac-40 to a fresh record high, although the FTSE Mib ended the day off by 0.01% at 27,626.61.

In parallel, euro/dollar added 0.55% to 1.1053.

According to the US Department of Labor, US final demand prices dropped at a 0.5% month-on-month pace in March (consensus: 0.0%).

"The key story here is that if core PPI inflation continues to fall rapidly, core PCE inflation will follow," said Kieran Clancy, senior US economist at Pantheon Macroeconomics.

Eurozone industrial production rose more than expected in February, according to figures released on Thursday by Eurostat.

Industrial production, ex-construction, jumped 1.5% on the month following an upwardly-revised 1% rise in January. That was ahead of consensus expectations for a 1% increase.

Overnight, it was reported that Chinese exports unexpectedly spiked in March against forecasts of a contraction, as the world’s second-largest economy continued to recover from its zero-Covid policies and months of falling trade.

Some economists were nonetheless skeptical as regarded the staying power of the rebound.

In the equity space, and linked to the news out of China, shares in luxury goods company LVMH gained sharply as the owner of Moët, Hennessy and Louis Vuitton reported a 17% rise in global sales and flagged a rebound in the Asian giant.

The sentiment also boosted sector peers Christian Dior and Richemont.