12:08 PM EDT, 10/15/2024 (MT Newswires) -- The European stock markets closed mostly lower in Tuesday trading as The Stoxx Europe 600 fell 0.70%, the Swiss Market Index was off 0.30%, France's CAC dropped 1.05%, the FTSE in London declined 0.52%, while Germany's DAX nudged 0.06% higher.

Seasonally adjusted industrial production increased 1.8% in the euro area and 1.3% in the European Union in August from July, according to first estimates from Eurostat, the statistical office of the EU. Compared with a year earlier, industrial production increased 0.1% in the euro area and 0.2% in the EU.

In Germany, wholesale sales prices fell 0.3% in September from August and were down 1.6% compared with September 2023, according to Germany's Federal Statistical Office.

In the UK, estimates for payrolled employees decreased by 35,000 between July and August, but rose by 165,000 from a year earlier, according to the Office for National Statistics.

And in corporate news, Swiss financial services company UBS Group must strengthen its recovery and emergency plans in cases of insolvency to ensure it can wind down or sell business segments without risking financial stability or using taxpayer money, considering the experience of Credit Suisse before UBS's takeover, Swiss regulator FINMA said Tuesday. "As FINMA confirms in its press release, UBS meets the current requirements to be resolvable in accordance with the preferred resolution strategy in the event of a crisis," UBS said in an emailed statement to MT Newswires.

An unidentified Deutsche Bank shareholder is proposing to sell around 16 million of the German lender's shares, Bloomberg reported Monday, citing a person familiar with the matter. The agreement is expected to set a price of 16.01 euros ($17.46) per share and the sale is anticipated to generate about $279 million in gross proceeds, as estimated by Bloomberg. Deutsche Bank did not immediately respond to a request for comment from MT Newswires after normal business hours Monday night in Germany.

British pharmaceutical company GSK filed a lawsuit Tuesday against biotech firm Moderna alleging that Moderna's COVID-19 vaccine Spikevax infringes on GSK's patent rights related to messenger RNA technology, Reuters and other media outlets reported.

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