BRUSSELS/FRANKFURT/PARIS (dpa-AFX) - The European markets fluctuated between small gains and losses in early trade Thursday, but turned definitively higher in the afternoon. Investors continue to keep a close eye on the political situation in Italy. Italian equities recovered some lost ground as the country looks set to finally get a collation government.
The pan-European Stoxx Europe 600 index advanced 0.54 percent. The Euro Stoxx 50 index of eurozone bluechip stocks increased 0.82 percent, while the Stoxx Europe 50 index, which includes some major U.K. companies, added 0.44 percent.
The DAX of Germany climbed 0.91 percent and the CAC of France rose 0.98 percent. The FTSE 100 of the U.K. gained 0.70 percent and the SMI of Switzerland finished higher by 0.16 percent.
Europe's passenger car registrations recovered in April, the European Automobile Manufacturers Association reported Thursday. Car registrations grew 9.6 percent year-on-year in April, reversing a 5.3 percent fall in March. Car sales totaled 1.3 million units.
BMW climbed 1.24 percent and Volkswagen added 0.53 percent in Frankfurt. Renault increased 3.54 percent and Peugeot gained 2.23 percent in Paris.
In Frankfurt, Daimler rose 1.39 percent while Deutsche Telekom fell 0.07 percent after they settled a 14-year old truck-toll dispute with the German government.
In Paris, media conglomerate Lagardère rallied 1.18 percent after delivering 5 percent growth in like-for-like revenue for the first-quarter 2018, fueled by organic growth momentum at Lagardère Travel Retail and a good performance from Lagardère Publishing.
In London, Thomas Cook tumbled 4.79 percent after reporting a pre-tax loss during its first-half.
Ocado soared 44.42 percent after the online grocer struck a deal with U.S. retail giant Kroger.
A.P. Moller - Maersk sank 8.85 percent in Copenhagen after it reported a first-quarter loss from continuing operations of $220 million compared to a loss of $124 million, prior year.
Altice jumped 12.36 percent in Amsterdam. The company's first quarter report demonstrated the first signs of recovery at its French unit.
Eurozone construction output fell for the third straight month in March, Eurostat reported Thursday. Construction output dropped 0.3 percent month-on-month in March, slower than the 0.7 percent decrease in February, which was revised from a 0.5 percent fall reported earlier.
A report released by the Labor Department on Thursday showed first-time claims for U.S. unemployment benefits increased by more than anticipated in the week ended May 12th. The report said initial jobless claims rose to 222,000, an increase of 11,000 from the previous week's unrevised level of 211,000. Economists had expected jobless claims to inch up to 215,000.
Growth in Philadelphia-area manufacturing activity unexpectedly saw a substantial acceleration in the month of May, according to a report released by the Federal Reserve Bank of Philadelphia on Thursday.
The Philly Fed said its diffusion index for current general activity jumped to 34.4 in May from 23.2 in April, with a positive reading indicating growth in regional manufacturing activity. Economists had expected the index to dip to 21.0.
Suggesting solid economic growth should continue in the second half, the Conference Board released a report on Thursday showing a continued uptrend by its index of leading U.S. economic indicators in the month of April.
The Conference Board said its leading economic index rose by 0.4 percent in April, matching the upwardly revised increase in March as well as economist estimates.
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