The European stock markets closed mostly higher in Monday trading, reflecting a cautious optimism among investors. The Stoxx Europe 600 gained 0.17%, the Swiss Market Index was up 0.10%, France's CAC rose 0.46%, and the FTSE in London increased by 0.28%. Meanwhile, Germany's DAX experienced a slight dip, down 0.14%, indicating varied investor sentiment across different regions in response to economic data releases. In the euro area, seasonally adjusted retail trade volume saw a modest increase of 0.2% in August compared to July, while the European Union reported a slightly higher increase of 0.3%.
Year-over-year comparisons show a calendar-adjusted retail sales index rise of 0.8% in the euro area and 1.0% in the EU, suggesting a gradual recovery in consumer spending despite ongoing economic challenges. Turning to the UK housing market, house prices have shown a positive trend, rising for the third consecutive month in September by 0.3% to an average of 293,399 British pounds ($383,918) from August.
Compared to a year earlier, prices are up by 4.7%, highlighting a resilient housing market that may signal renewed consumer confidence amidst economic uncertainties. In Germany, however, the manufacturing sector has faced headwinds as seasonally and calendar-adjusted incoming orders dropped 5.8% in August relative to July.
On a year-over-year basis, incoming orders fell by 3.9%, indicating a potential slowdown in industrial activity that could impact overall economic growth in the region. In corporate news, BP has made headlines by abandoning its previously stated goal to cut oil and gas output by 2030. CEO Murray Auchincloss is recalibrating the oil major's energy transition strategy with the aim of regaining investor confidence, which is crucial for the company's future growth.
This decision reflects the ongoing challenges faced by energy companies in balancing sustainability goals with shareholder expectations. In renewable energy developments, Equinor announced Monday that it has acquired a 9.8% stake in Danish renewable energy company Orsted, valued at $2.5 billion. This strategic investment positions Equinor as the second largest investor in Orsted, following the Danish state, emphasizing the growing importance of renewable energy partnerships in the industry. French energy company TotalEnergies is also making significant moves, agreeing to acquire a 50% stake in two offshore wind projects in the North Sea from German energy company RWE.
The projects, which received 25-year licenses last August, have a potential extension of 35 years, although financial terms were not disclosed. This acquisition is part of TotalEnergies' strategy to expand its renewable energy portfolio amidst increasing global demand for sustainable energy sources. In the mining sector, British company Rio Tinto is reportedly in discussions to acquire lithium miner Arcadium, a move that could bolster Rio Tinto's position in the rapidly growing lithium market, which is crucial for the production of electric vehicles and renewable energy technologies. Lastly, AstraZeneca announced Monday that a phase 3b trial studying Airsupra met its primary endpoint.
The British pharmaceutical company highlighted results showing a statistically significant and clinically meaningful reduction in the risk of severe exacerbation using Airsupra compared to albuterol for treating patients with intermittent or mild persistent asthma, marking a notable advancement in asthma management and treatment options..