12:07 PM EDT, 07/30/2024 (MT Newswires) -- European stock markets closed mostly higher in Tuesday trading as the Stoxx Europe 600 rose 0.45%, the Swiss Market Index increased 0.55%, France's CAC gained 0.42%, Germany's DAX was up 0.49%, while the the FTSE in London was off 0.22%.
Seasonally adjusted GDP increased 0.3% in both the euro area and the European Union in Q2 compared with the previous quarter and were up 0.6% and 0.7% respectively compared with the year-ago quarter, according to a preliminary flash estimate from Eurostat, the statistical office of the EU.
Ireland had the highest quarterly increase in GDP at 1.2%, followed by Lithuania at 0.9%, and Spain at 0.8%. The sharpest declines were in Latvia at 1.1%, Sweden at 0.8%, and Hungary at 0.2%. The annual growth rates were positive for eight countries and negative for three.
In Germany, gross domestic product declined 0.1% in Q2 from the previous quarter after adjustments for price, seasonal, and calendar effects, according to the German Federal Statistical Office. Compared with a year earlier, GDP rose 0.3%.
The FSO also reported that the inflation rate rose an estimated 2.3% in July compared with a year earlier, and increased 0.3% from the previous month.
In France, real gross domestic product increased 0.3% in Q2 after also rising 0.3% the previous quarter, according to the Institute for Statistics and Economic Studies.
In Italy, Q2 GDP increased 0.2% from the previous quarter, according to the Italian National Institute of Statistics.
And in corporate news, Alphabet's partnership with artificial intelligence company Anthropic is being investigated by UK antitrust regulator the Competition and Markets Authority. The regulator said Tuesday that it is considering whether the partnership may lead to "a substantial lessening of competition within any market or markets in the United Kingdom for goods or services."
Alphabet did not immediately respond to a request for comment from MT Newswires.
UK oil and gas giant BP reported Q2 underlying earnings Tuesday of $1 per American depositary share, up from $0.89 a year earlier. Revenue for the quarter ended June 30 was $47.3 billion, compared with $48.54 billion a year earlier.
Shares of Standard Chartered rose nearly 6% in London after the financial services company reported better-than-expected Q2 earnings and raised its 2024 income guidance Tuesday. The company also announced a $1.5 billion buyback program, which it said is its largest repurchase program ever.
Spanish pharmaceutical company Grifols revised its financial records from 2020 to 2023 downward by 457 million euros ($494 million) to adjust the value of its stake in the Chinese company Shanghai RAAS, Reuters reported Tuesday, citing a company statement. Grifols did not immediately respond to a request for comment from MT Newswires.
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