12:09 PM EDT, 04/09/2024 (MT Newswires) -- The European stock markets closed lower in Tuesday trading as The Stoxx Europe 600 declined 0.62%, the Swiss Market Index was down 0.36%, France's CAC lost 0.86%, the FTSE in London was off 0.11%, and Germany's DAX closed 1.32% lower.

The European Union's seasonally adjusted current account of the balance of payments recorded a surplus of 107.9 billion euros ($117.2 billion) in Q4 of 2023, compared with a surplus of 24.3 billion euros a year earlier, according to Eurostat, the statistical office of the EU.

Eurostat also reported that the household saving rate in the euro area rose to 14.6% in Q4 of 2023, up from 13.9% in the previous quarter.

Meanwhile, euro area banks reported a small net tightening of their credit standards, according to the April euro area bank lending survey released Tuesday by the European Central Bank.

And in corporate news, HSBC (HSBC) said Tuesday that it has agreed to sell its banking operations in Argentina to Grupo Financiero Galicia (GGAL) for $550 million. The banking giant said the disposal will result in a $1 billion pre-tax loss in Q1, and that the deal should be completed in the next 12 months.

The bank is also planning to fuel the expansion of its wealth operations in China and is on track to almost double its headcount by 2025, Reuters reported Tuesday, citing Nuno Matos, the company's head of global wealth. HSBC did not immediately respond to MT Newswires' request for comment.

Defense and aerospace stocks sank on the European bourses in Tuesday's trading after Goldman Sachs released a note to clients Tuesday saying that European defense stock valuations currently have more downside risk than upside going into 2025, according to media reports.

Shares of German arms manufacturer Rheinmetall led the DAX lower, falling 6.9%, followed by MTU Aero, which dropped 3%. British aerospace and defense firm BAE Systems declined 4.5% on the FTSE, followed by airplane engine makers Rolls-Royce and Melrose Industries, which lost 3.9% and 3.2% respectively. French aerospace supplier Thales led the CAC lower, falling 4.9% followed by Airbus and Safran, which were down 3.4% and 2.1% respectively.

French IT firm Atos unveiled a 1.2 billion-euro ($1.3 billion) refinancing framework Tuesday, in which it is seeking 600 million euros of cash to fund its business over the 2024-25 period, 300 million euros in new revolving credit facility, and 300 million euros in additional bank guarantee lines.

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