12:02 PM EST, 11/19/2024 (MT Newswires) -- The European stock markets closed lower in Tuesday trading as The Stoxx Europe fell 0.43%, Germany's DAX was down 0.67%, the FTSE in London was off 0.13%, France's CAC dropped 0.67%, and the Swiss Market Index lost 0.83%.

The euro area annual inflation rate rose to 2.0% in October from 1.7% in September, and down from 2.9% a year earlier, according to Eurostat, the statistical office of the European Union. Meanwhile, the annual inflation rate for the EU was 2.3% in October, up from 2.1% in September and down from 3.6% a year earlier.

The lowest annual rates were in Slovenia at 0%, followed by Lithuania and Ireland at 0.1%. The highest annual rates were in Romania at 5.0%, followed by Belgium and Estonia at 4.5% each. Compared with September, the annual inflation rate rose in 19 member countries, remained unchanged in six, and declined in two.

In the UK, the S&P Global UK Consumer Sentiment Index fell to 46.9 in November from 47.3 in October. Despite remaining below the neutral 50.0-mark, the reading is the third highest in more than three years.

And in corporate news, Rio Tinto said Tuesday that it will hold more than 98% of the shares of Energy Resources of Australia after taking up its entitlements in Energy Resources' entitlement offer. The British mining company said it intends to proceed with a compulsory acquisition of all remaining Energy Resources shares that it does not already own.

British pharmaceutical company GSK said Tuesday that an ongoing phase 3 trial evaluating linerixibat in adults with cholestatic pruritus associated with primary biliary cholangitis met its primary endpoint of significantly improving cholestatic pruritus over 24 weeks compared with placebo.

Stellantis is ready to adapt to anticipated shifts in the US automotive sector under a Trump administration, with a platform designed to accommodate electric, hybrid, and gasoline models, Reuters reported Monday, citing Stellantis CEO Carlos Tavares. Stellantis did not immediately respond to a request for comment from MT Newswires. Shares of the European automaker fell more than 3% in Paris.

Rheinmetall closed 4% higher in Frankfurt after Reuters reported that the German arms manufacturer said it expects to more than double sales to 20 billion euros ($21.08 billion) in 2027. The company attributed the sales growth to a rise in EU and NATO defense spending in response to the Ukraine war.

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