12:22 PM EDT, 10/31/2024 (MT Newswires) -- The European stock markets closed sharply lower in Thursday trading as the Stoxx Europe 600 fell 1.32%, the Swiss Market Index lost 1.57%, France's CAC dropped 1.17%, the FTSE in London declined 0.79%, and Germany's DAX closed 1.11% lower.

Euro area annual inflation rose 2.0% in October, up from 1.7% in September, according to a flash estimate from Eurostat, the statistical office of the European Union. Services had the highest annual rate at 3.9%, which was unchanged from September, while followed by food, alcohol, and tobacco rose to 2.9% from 2.4% the previous month.

Eurostat also reported that the area seasonally adjusted unemployment rate in the euro area in September was 6.3%, which was unchanged from August and down from 6.6% a year earlier. In the EU the unemployment rate was 5.9% in September, also unchanged from the previous month, and down from 6.1% during the year-ago month.

In France, the consumer price index rose an estimated 1.2% in October, following a 1.1% increase in September, according to the Institute of Statistics and Economic Studies.

In Germany, retail sales were up 1.2% in September from the previous month and 3.8% from a year earlier, according to the Federal Statistical Office.

And in corporate news, shares of Societe Generale rose 11% in Paris after the financial services company named Sabadell Chief Financial Officer Leopoldo Alvear as its new CFO to replace Claire Dumas, effective Jan. 7.

Shares of DS Smith surged 14% in London after it said retailer Zalando has extended its agreement with the British packaging company as its preferred supplier for sustainable and fiber-based e-commerce services. Shares of Zalando dropped more than 4% in Frankfurt.

Stellantis reported Thursday Q3 net revenue of 32.96 billion euros ($35.77 billion), down from 45.14 billion euros a year earlier. The European automaker said the decline was "primarily due to lower shipments and unfavorable mix as well as pricing and foreign exchange impacts." Shares of Stellantis closed more than 2% higher in Paris.

And the European Commission on Thursday said it has fined Teva Pharmaceutical Industries 462.6 million euros ($502.8 million) for allegedly delaying competition to Copaxone, its medicine to treat multiple sclerosis. Teva said in a news release that it will appeal the judgement and the imposed fine.

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