12:13 PM EDT, 10/10/2024 (MT Newswires) -- The European stock markets closed lower in Thursday trading as The Stoxx Europe 600 declined 0.18%, the Swiss Market Index fell 0.37%, France's CAC lost 0.24%, the FTSE in London was off 0.07%, and Germany's DAX was down 0.23%.

The GEP Global Supply Chain Volatility Index for Europe fell to a nine-month low of -0.74 in September from -0.53 in August. S&P Global, which publishes the index, said the decline indicated the continent's industrial downturn is intensifying, "reflecting the blight of major manufacturers in the continent due to macro factors like competitive pressures from China, high energy costs, and a flagging eurozone economy."

In Germany, retail sales rose 1.6% in August from July in both price-adjusted and nominal terms, according to preliminary results from the Federal Statistical Office. Compared with a year earlier, retail sales increased 2.1% in real terms and 3.1% in nominal terms.

In Italy, the seasonally adjusted industrial production index increased 0.1% in August compared with July, according to the Italian National Institute of Statistics. Compared with August 2023, the calendar-adjusted industrial production index decreased 3.2%.

And in corporate news, shares of British pharmaceutical company GSK closed more than 3% higher in London after it said late Wednesday that it has agreed to pay $2.2 billion to settle 93% of Zantac state court product liability cases in the US.

Unilever has completed the sale of its Russian subsidiary to Arnest Group, a local manufacturer of perfume, cosmetics and household products, Chief Executive Hein Schumacher said Thursday. Terms of the deal were not disclosed. The British consumer goods giant has now sold off its entire business in Russia, including four factories and operations in Belarus.

Ryanair said Thursday that it will cut its traffic in Germany by 12% for summer 2025, cancelling 22 routes and 1.8 million seats due to increasing taxes and fees. As part of the move, the Irish airline operator said it will close its bases in Dortmund, Dresden and Leipzig, and reduce offerings in Hamburg by 60%. Ryanair said the reduction "will have a devastating impact on jobs, tourism and connectivity."

HSBC Chief Executive Georges Elhedery plans to lay off senior bankers at the UK financial services company to reduce as much as $300 million, the Financial Times reported Thursday, citing unnamed people familiar with the matter. HSBC did not immediately reply to MT Newswires' request for comment.

And French oil and gas company TotalEnergies said Thursday it signed a charter contract for a new liquefied natural gas bunker vessel with Spanish shipowner Ibaizabal. Financial terms were not disclosed.

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