Major stock markets in Europe closed Tuesday lower as investors digested the latest news on the automobile industry. Bayerische Motoren Werke AG (BMW) closed losing 11% after declaring it lowered its full 2024 guidance by three points. In addition, it also announced recalling at least 1.5 million vehicles over breaking issues, a move that will have a "negative worldwide sales effect in the second half of the year."
On the data front, the continent received August's confirmation on the German inflation and the British unemployment rate for July.
The FTSE closed 0.78% lower with Barclays PLC dropping 3.26%. The EURO STOXX 50 dropped 0.70% and the DAX went 0.94% down as BMW nosedived 11%. The CAC 40 decreased 0.24% with STMicroelectronics losing 3.47%. The euro was 0.08% lower than the dollar at 5:30 pm CET, trading at 1.10259. The pound lost 0.09% to the US currency, going to 1.30625.
