The recent trading session saw European stock markets close significantly higher, with the Stoxx Europe 600 rising by an impressive 1.36%. Notably, the Swiss Market Index recorded a gain of 0.63%, while France's CAC surged by 2.29%. In London, the FTSE saw an increase of 0.91%, and Germany's DAX rose by 1.54%, reflecting a robust upward trend in investor sentiment across the continent. In monetary policy updates, the Bank of England's Monetary Policy Committee convened on Wednesday, opting to keep the current bank rate steady at 5%.
Out of the nine committee members, only a single dissenting vote was cast in favor of a 25 basis point reduction, indicating a cautious stance from policymakers amidst ongoing economic uncertainties. Shifting to corporate news, the European Commission announced on Thursday the initiation of two proceedings aimed at compelling Apple Inc.
to open its operating systems on iPhones and iPads to alternative technologies, lest it face substantial fines under the Digital Markets Act. The regulatory body emphasized that Apple must facilitate free and effective interoperability to third-party developers and businesses that rely on hardware and software elements within its iOS and iPadOS systems.
The proceedings are set to unfold over a six-month timeline, escalating pressure on Apple to comply with the regulatory framework. Interestingly, amidst these regulatory challenges, Apple shares experienced a 3.6% rise on Nasdaq, reflecting continued investor confidence. In a significant development in the media sector, investment firm KKR and German billionaire Mathias Dopfner have jointly decided to split the German media entity Axel Springer into two distinct parts.
This agreement, confirmed by Axel Springer on Thursday, ensures that its media assets will remain under the private ownership of Friede Springer and Dopfner, who will together control an almost 98% stake in the company. As a result, Axel Springer will transition to a fully private operation, a strategic move designed to provide the company with greater operational flexibility.
Shares of KKR also saw a nearly 3% uptick on Nasdaq following this announcement. Turning to the tech sector, British software firm Endava reported a decline in fiscal Q4 adjusted earnings, showing profits of 0.22 British pounds ($0.29) per diluted share, a decrease from 0.57 pounds recorded a year prior.
Analysts surveyed by Capital IQ had anticipated earnings of 0.23 pounds. Endava's revenue for the quarter ending June 30 amounted to 194.4 million pounds, marking an increase from 189.8 million pounds the previous year, although falling short of analyst projections of $195.6 million pounds. In a positive turn for mining stocks, European markets witnessed significant gains in this sector, particularly on Thursday.
Antofagasta and Fresnillo led the charge with increases of 4.5% and 4.4% respectively on the London exchange. Additionally, Anglo American and Rio Tinto both experienced gains of 3.6%. Steel and mining behemoth ArcelorMittal also closed impressively, rising 3.8% in Amsterdam, indicating a growing investor appetite for mining equities amidst optimistic market conditions..