Major European markets close modestly higher

Detailed summary

European markets pared early gains and despite slipping into negative territory a little past mid-afternoon, recovered to close modestly higher on Thursday thanks to some brisk…

European markets pared early gains and despite slipping into negative territory a little past mid-afternoon, recovered to close modestly higher on Thursday thanks to some brisk buying at several counters in the final hour.

The markets started off on a firm note as oil prices fell early in the day. However, the commodity recovered and moved higher later on in the day amid slightly fading hopes of an end to the Middle East conflict after US President Donald Trump said the United States "does not need a deal with Iran."

The pan-European Stoxx 600 edged up 0.14%. The UK's FTSE ended higher by 0.26%, Germany's DAX climbed 0.41% and France's CAC 40 gained 0.34%. Switzerland's SMI closed up 0.63%.

Among other markets in Europe, Austria, the Czech Republic, Greece, Iceland, Ireland, Italy, the Netherlands, Russia and Spain ended weak.

Belgium, Denmark, Finland, Poland and Turkey closed higher. Norway, Portugal and Sweden ended flat.

In the UK market, miners declined sharply, contributing to market's weak close. Endeavour Mining tumbled 8.4%. Fresnillo, Antofagasta and Anglo-American lost 3%, 2.8% and 2%, respectively. Rio Tinto shed nearly 1%.

Babcock International drifted lower by 4.3%. ICG dropped 3.7%. Coca-Cola HBC, Spirax Group, Halma, IAG and Intercontinental Hotels Group also ended notably lower.

BAE Systems lost about 1.1% despite the defence firm raising its free cash flow projection for the second time this year.

Burberry Group soared 8%. The luxury fashion house reported a 225% jump in first-half adjusted operating profit.

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