European stocks closed sharply higher on Thursday amid strong GDP data and favorable corporate results. The Euro STOXX 50 rose 1.3% to 6,333 and the STOXX Europe 600 gained 0.6% to 649. The Eurozone GDP expanded by 0.4% in the second quarter, firmly above market expectations of 0.2% to reflect some resilience to soaring energy prices and sovereign yields in the period. Still, economic optimism was buffered by elevated EU-harmonized inflation rates, with pickups across Spain and Germany. Schneider Electric surged 10.8% after raising its full-year targets. BBVA climbed 5% after reporting an 11.4% increase in net profit. Also, ING rose more than 5% after posing their results, lifting other banks. On top of that, L'Oreal rose 2.7% after its earnings grew more than expected, and Ferrari maintained its slight gains after raising its guidance. On the downside, Adidas slumped 13.8% after its heavy marketing campaign around the FIFA World Cup triggered a surge in outlays.