European stock markets experienced a varied close on Tuesday, with the Stoxx Europe 600 dipping by 0.44%. Notably, the Swiss Market Index fell by 0.68%, France's CAC decreased by 0.81%, and Germany's DAX declined by 0.65%. In contrast, the FTSE in London managed to increase by 0.48%. In economic news, annual inflation in the euro area tempered to 1.8% in September, down from 2.2% in August, as reported by Eurostat, the European Union's statistical agency.
Belgium and the Netherlands reported the highest inflation rates at 4.5% and 3.3%, respectively, while Ireland and Lithuania recorded the lowest at 0.2% and 0.4%. The euro area's manufacturing sector continues to struggle, slipping further into contraction, with the HCOB Eurozone Manufacturing PMI compiled by S&P Global falling to 45.0 in September - marking the lowest level this year compared to 45.8 in August.
In Switzerland, adjusted retail sales exhibited a nominal increase of 1.9% in August, compared to the previous year, which marks the sharpest rise since June. On a month-to-month basis, seasonally adjusted retail sales saw a slight uptick of 0.2%. In corporate developments, oil and gas stocks gained traction during Tuesday trading, buoyed by rising oil prices amid reports of an impending missile attack against Israel by Iran.
Stock prices surged for BP and Shell, increasing by 2.4% and 2.2%, respectively, in London. Siemens Energy rose by 2.2% in Frankfurt, while Total Energies saw a 1.6% increase in Paris. Additionally, Stellantis CEO Carlos Tavares is scheduled to address an Italian parliamentary committee on October 11 regarding the automaker's production in Italy, as per a company statement.
In pharmaceutical news, AstraZeneca announced that the U.S. Food and Drug Administration has accepted its supplemental biologics license application for Enhertu, aimed at treating a particular type of breast cancer in adults. The British pharmaceutical firm anticipates a regulatory decision from the FDA on February 1.
In a further development in the tech sector, UK-based AI software startup Monolith is collaborating with Chinese electric vehicle manufacturer Nio to improve electric car battery packs in real-time via Nio's battery swapping services across Europe. Furthermore, Tesla has reported an increase in its market share in Sweden, growing to 8.5% from 7.8% last year, despite facing ongoing labor disputes.
Tesla sold 16,478 vehicles in the first nine months of 2024, reflecting a 1% increase compared to the same period in 2023. This rise in market share is supported by data from Mobility Sweden. Tesla has yet to respond to media inquiries regarding these developments..