The European stock markets experienced a downturn during Tuesday's trading session, with The Stoxx Europe 600 decreasing by 0.48%. The Swiss Market Index saw a decline of 0.93%, while France's CAC dropped by 0.57%. The FTSE in London fell by 0.80%, and Germany's DAX concluded the day down 0.20%. In the euro area, household real consumption per capita registered a modest increase of 0.1% in Q2, following a stronger 0.4% rise in the previous quarter, as reported by Eurostat, the statistical office of the European Union.
Across the EU, the rise in household real consumption per capita reached 0.2% in Q2 after an increase of 0.3% in Q1. Germany's consumer climate appears to be on a recovery path, with insights from the GfK consumer sentiment index indicating an expected increase of 2.7 points to -18.3 points in November, reflecting a gradual improvement compared to October.
While sentiment remains subdued, this reading marks the highest level since April 2022. In the corporate sector, developments emerged as the European Commission granted approval for private equity firm KKR's proposed joint venture with investment firm The Baupost Group. The joint venture aims to acquire a 33-asset hotel portfolio located in the UK, which will operate under the Marriott and Delta by Marriott brands.
The Commission assessed that the joint venture does not pose any substantial competition concerns in the European Economic Area. Moreover, British pharmaceutical giant GSK announced an agreement to acquire Chimagen Biosciences' CMG1A46, a potential drug candidate for treating lupus and other autoimmune diseases, for a total consideration of $300 million.
GSK will pay an upfront amount of $300 million to obtain full worldwide rights to CMG1A46, and Chimagen may be eligible for additional success-based milestone payments totaling up to $550 million. In another significant announcement, Grifols confirmed that its plasma-protein-based fibrin sealant, aimed at controlling surgical bleeding, has received approval for use in pediatric patients from the US Food and Drug Administration.
This biopharmaceutical company stated that the fibrin sealant was previously granted approval for adult patients and children in Europe..