11:53 AM EST, 02/04/2025 (MT Newswires) -- The European stock markets closed mixed in Tuesday trading as The Stoxx Europe 600 rose 0.27%, Germany's DAX gained 0.39%, the FTSE 100 in London was off 0.12%, France's CAC 40 was up 0.74%, and the Swiss Market Index declined 0.57%.

In Italy, the Italian National Institute of Statistics said preliminary estimates for the consumer price index was up 0.6% compared with the previous month, and up 1.5% on an annual basis. Istat attributed the annual increase to the prices of energy products.

In Germany, the service sector, excluding financial and insurance services, registered 0.5% less price-adjusted and 0.3% less nominal sales in November compared with October according to preliminary results from the Federal Statistical Office.

And in corporate news, BP is shelving plans to convert its former Kwinana oil refinery in Australia to produce renewable fuels, Bloomberg reported Tuesday, citing an email from the company. The report also cited an internal memo that said BP has stopped or paused 30 projects since June as the oil and gas giant enacts cutbacks. BP did not immediately respond to a request for comment from MT Newswires.

Alcoholic beverage company Diageo said Tuesday that it is removing its medium-term guidance due to "macroeconomic and geopolitical uncertainty in many of our key markets impacting the pace of recovery."

UBS Group reported Q4 earnings Tuesday of $0.23 per diluted share, swinging from a loss of $0.09 a year earlier. Analysts polled by FactSet expected earnings of $0.30. Underlying revenue for the quarter ended Dec. 31 was $11.06 billion, compared with $10.42 billion a year earlier. Analysts surveyed by FactSet expected $11.17 billion. The company also said it plans to repurchase $1 billion of shares in H1 and up to an additional $2 billion in H2.

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