12:05 PM EDT, 05/22/2024 (MT Newswires) -- The European stock markets closed lower in Wednesday trading as The Stoxx Europe 600 declined 0.37%, the Swiss Market Index was down 0.36%, France's CAC fell 0.61%, the FTSE in London dropped 0.56%, and Germany's DAX was down 0.25%.

In the UK, the consumer price index rose 2.3% in the 12 months to April, down from 3.2% in the 12 months to March, according to the Office for National Statistics. On a monthly basis, CPI rose by 0.3% in April 2024, compared with a rise of 1.2% in April 2023.

The ONS also reported that producer input prices declined 1.6% in the year to April, compared with a 2.5% drop in the year to March. Producer output prices rose 1.1% in the year to April, compared with a 0.7% increase in the year to March.

And in corporate news, Australian mining giant BHP Group (BHP) proposed Wednesday a "final" bid for UK mining company Anglo American, after Anglo American rejected previous offers. BHP's latest bid values Anglo American at 31.11 British pounds ($39.60) per share.

Shares of UK retailer Marks & Spencer led the gainers on the FTSE in London, rising more than 5% after it reported Wednesday that annual profits increased 58%.

European luxury goods stocks fell sharply in Wednesday trading, as Hermes International and Louis Vuitton led the decliners in Paris, falling 4.3% and 2.1% respectively, followed by Kering, which was down 1%, while Burberry closed 1.1% lower in London.

An office building at Danish pharmaceutical company Novo Nordisk's headquarters complex caught fire, which is the second fire at the company within a week, Bloomberg reported on Wednesday, citing a company spokeswoman.