European stock markets experienced a modest uptick during Thursday's trading session. The Stoxx Europe 600 increased by 0.06%, while the Swiss Market Index saw a 0.21% gain. France's CAC rose by 0.08%, the FTSE in London climbed 0.13%, and Germany's DAX finished the day 0.39% higher. The HCOB Flash Eurozone Composite PMI Output Index, seasonally adjusted and compiled by S&P Global, inched up to 49.7 in October, from 49.6 in the previous month.
This data suggests a static business activity scenario in the euro area, marking a decrease for the second consecutive month. Manufacturing production has faced a continuous decline for the last 19 months. In the UK, the seasonally adjusted S&P Global Flash UK PMI Composite Output Index dipped to 51.7 in October from 52.6 in September, marking its lowest level in 11 months.
France saw a slight decrease in its business climate index for October, which fell to 97 from 98 the prior month according to the Institute for Statistics and Economic Studies. The employment climate indicator from INSEE also reported a drop to 97 in October from 99 in September. Additionally, in the corporate sector, Alphabet's partnership with the AI startup Anthropic is subject to investigation by the UK's Competition and Markets Authority.
The regulatory body expressed concerns that this partnership might lead to a 'relevant merger situation' under the merger provisions of the Enterprise Act 2002. A spokesperson for Google stated, 'Google is committed to building the most open and innovative AI ecosystem in the world.' They further emphasized, 'Anthropic is free to use multiple cloud providers and does, and we don’t demand exclusive tech rights.' In pharmaceutical news, Danish company Novo Nordisk has seen its drugs Ozempic and Wegovy, which contain the active ingredient Semaglutide, linked to a significantly reduced risk for first-time diagnosis of Alzheimer's disease, as indicated by a study published Thursday by the Alzheimer's Association.
Following this report, shares of Novo Nordisk closed 1.2% lower in Copenhagen. Furthermore, Unilever announced a 'drastic' approach to its business operations in Indonesia due to 'long-standing issues' despite the region being a crucial market for the company. The British consumer goods giant plans to eliminate pricing stability across various channels, reinforcing its commitment to 'resetting' inventory levels throughout the entire channel landscape.
CEO Hein Schumacher conveyed these details during a Q3 sales/trading statement call, leading to shares of Unilever closing nearly 3% higher in London..