12:07 PM EDT, 04/08/2025 (MT Newswires) -- European stock markets closed sharply higher in Tuesday trading as the Stoxx Europe 600 advanced 2.72%, Germany's DAX rose 2.48%, the FTSE 100 in London climbed 2.71%, France's CAC 40 increased 2.50%, and the Swiss Market Index surged 2.82%.

US President Donald Trump rejected a European Union proposal to eliminate tariffs on bilateral trade in industrial goods, which means a 20% tariff on all EU imports will take effect Wednesday, Bloomberg reported Tuesday. Trump criticized European Commission President Ursula von der Leyen's offer as insufficient to reset the transatlantic trading relationship as the EU maintains other trade barriers, according to the report.

Meanwhile, European pharmaceutical companies warned von der Leyen that US' tariffs will encourage more biotech firms to migrate to the US unless the bloc makes changes, Reuters reported Tuesday, citing industry sources. The European Federation of Pharmaceutical Industries and Associations did not immediately reply to MT Newswires' request for comment.

The European Union will soon issue decisions on whether tech giants Apple and Meta Platforms failed to comply with tech competition rules, according to media reports Tuesday, citing antitrust chief Teresa Ribera. The probe, launched in March 2024, is reviewing possible violations of the Digital Markets Act, which seeks to rein in large tech platforms and boost competition.

House prices rose 4.2% in the euro area and 4.9% in the EU in Q4, compared with a year earlier, according to Eurostat, the statistical office of the EU. Compared with the previous quarter, house prices increased 0.6% in the euro area and 0.8% in Q4.

And in corporate news, Stellantis' Q1 vehicle production in Italy fell approximately 36% to 109,900 units from 170,415 units a year earlier, the Fim-Cisl union said Tuesday. Activity in all of the European automaker's car and commercial vehicle plants in the country declined and duties on European cars will worsen the situation, according to a Fim-Cisl statement that was translated from Italian.

Stellantis also said Tuesday that it has stopped making its Chinese partner Leapmotor's T03 electric vehicle in Poland since March 30 and is considering other production options, Reuters reported Tuesday, citing a company statement.

Stellantis didn't immediately respond to requests for comment from MT Newswires. Shares of Stellantis were off 0.84% in Paris.

UK oil and gas giant BP is putting on hold a project to expand biofuel production at its oil refinery in Castellon, Spain, Bloomberg reported Tuesday, citing a person familiar with the matter. The source told Bloomberg that the British oil and gas giant paused production at the site because of lower-than-expected growth in the biofuels market.

Contacted by MT Newswires, a BP spokesperson declined to comment directly on the report.

Banco Santander is exploring a potential sale of its majority stake in its Polish unit, among other options, Bloomberg reported Tuesday, citing people familiar with the matter. Shares of Banco Santander dropped 4.6% on the Continuous Market in Spain. Santander did not immediately reply to a request for comment from MT Newswires.

British financial services company Barclays is scaling back its staffing diversity goals in the US while continuing those efforts in other countries due to changing US policies, Bloomberg reported on Tuesday, citing a company memo it obtained. Shares of Barclays closed 5% higher in London.

Barclays did not immediately return messages from MT Newswires on Tuesday sent to its offices in the US and the UK seeking comment.

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