European stock markets faced a downturn on Tuesday, with the Stoxx Europe and Germany's DAX both declining by 2%. The FTSE in London experienced a 1.2% drop, while France's CAC 40 shed 2.7%, and the Swiss Market Index closed 1.6% lower. In Germany, the annual inflation rate saw an increase in October, rising to 2% from 1.6% the previous month, and 1.9% in August, as reported by the Federal Statistical Office.
This increase was primarily linked to the rising prices of food and services. Meanwhile, in the UK, payrolled employees decreased by 9,000 in September compared to August, although this reflects a rise of 136,000 from the same month last year, as stated by the Office for National Statistics. In corporate news, Shell expressed satisfaction with the Dutch Court of Appeal of The Hague’s decision to overturn a 2021 district court ruling which mandated the oil giant to lower its global carbon emissions by 45% by 2030, relative to 2019 levels.
Following this news, Shell's stock in London dropped over 1%. Additionally, shares of Vodafone Group witnessed an 8% decline in London after reporting a 6.2% drop in its fiscal Q2 revenue in Germany, attributed to a new law that prohibits bundling TV service charges into rental agreements at multi-dwelling units.
On a more positive note, Convatec shares surged by 22% in London after the medical device manufacturer raised its fiscal year 2024 guidance, forecasting organic sales growth and double-digit earnings growth for 2024 and 2025. Furthermore, the European Commission notified Apple of various potentially banned geo-blocking practices identified by the Consumer Protection Cooperation Network concerning certain Apple Media Services.
Additionally, Meta Platforms announced a 40% reduction in subscription prices for users of its ad-free Facebook and Instagram services in Europe, leading to a more than 2% increase in Meta's shares during early trading on Tuesday..