12:20 PM EDT, 04/30/2024 (MT Newswires) -- European stock markets closed lower Tuesday as the FTSE in London was down 0.04%, Germany's DAX retreated 1.08%, France's CAC slid 0.99%, Stoxx Europe 600 fell 0.65% and the Swiss Market Index slipped 0.63%.

The euro area's annual inflation rate is expected to be 2.4% in April, remaining stable compared with March, according to preliminary data from Eurostat.

The eurozone's Q1 gross domestic product increased 0.3% following a 0.1% drop in Q1, according to a flash data from Eurostat.

In Germany, Europe's largest economy, price-adjusted GDP climbed 0.2% in Q1 following a revised 0.5% decline in Q4, provisional data from the Federal Statistical Office showed.

In corporate news, Vonovia shares rose 3.9%, leading gainers on the DAX, after the German residential property company confirmed its guidance for an adjusted EBITDA of 2.55 billion euros ($2.73 billion) to 2.65 billion euros in the 2024 financial year.

Auto stocks led decliners on the German exchange, with shares of Mercedes-Benz Group and Volkswagen falling 5.2% and 4.7%, respectively. Mercedes-Benz reported lower Q1 net profit and revenue and Volkswagen said that its earnings and sales revenue decreased in Q1.

British lender HSBC Holdings (HSBC) reported higher Q1 earnings and revenue and said that Chief Executive Noel Quinn will retire after almost five years in the post and that the company plans to launch a share buyback of up to $3 billion in May. The company's shares led gainers in London, advancing 4.1%

http://www.mtnewswires.com
Copyright © 2024 MT Newswires. All rights reserved. MT Newswires does not provide investment advice. Unauthorized reproduction is strictly prohibited.