European stock markets experienced a downturn during Thursday trading, as evidenced by The Stoxx Europe 600 declining by 0.35%. Germany's DAX fell by 0.85%, while the FTSE 100 in London dropped 0.08%. France's CAC 40 decreased by 0.75%, and the Swiss Market Index recorded a loss of 0.58%. This movement reflects ongoing economic uncertainties within the region. In terms of industrial production, there were some positive indicators as Europe continues to navigate economic recovery.
Seasonally adjusted data revealed that industrial production increased by 0.8% in the euro area and 0.3% in the EU during January in comparison to December. However, when looking at the year-over-year figures, industrial production in the euro area remained unchanged, while the EU saw a slight decline of 0.2%.
This stasis in annual performance highlights the challenges facing manufacturers as they cope with changing market demands and pricing pressures. Focusing on Switzerland's economic landscape, the Producer and Import Price Index saw a rise of 0.3% in February from the previous month, reaching 106.7 points.
This upward movement was attributed to higher prices for essential pharmaceuticals, petroleum products, and electricity. In contrast, when compared to February 2024, the price level for a broad array of domestic and imported goods decreased by 0.1%, indicating deflationary pressures in certain sectors. On the corporate front, UBS announced that it has gained regulatory approval from Beijing to divest a 36% stake in the beleaguered Credit Suisse's China venture.
This strategic move allows UBS to sell its stake in Credit Suisse Securities to Beijing State-owned Assets Management while maintaining a 15% share in the unit. Additionally, British oil and gas company Shell has achieved a significant milestone, as it shipped a record 1.1 million tons of liquefied natural gas (LNG) intended for marine vessels last year.
This achievement underscores Shell’s commitment to increasing natural gas supply amid a global shift towards cleaner energy sources. In another piece of news, Deutsche Bank has revealed its expectations for revenue growth across all four core divisions to amount to 32 billion euros ($34.78 billion) by 2025, following a notable 4% revenue increase to 30.1 billion euros last year.
The bank highlighted that the variable compensation for 2024 has risen to 2.5 billion euros, which marks the highest level since 2014. This surge can be credited to improved operational outcomes and a remarkable 16% rise in pre-tax profit before one-time charges. Lastly, British mining giant Rio Tinto announced the signing of two new agreements with Edify Energy, aimed at enhancing the supply of electricity to their Gladstone aluminum operations in Queensland, Australia.
As part of the agreement, Rio Tinto will acquire 90% of the power and battery storage capacity generated by the adjacent Smoky Creek & Guthrie's Gap solar power stations for a duration of 20 years, reflecting an ongoing commitment to sustainable energy practices within the mining industry..