12:16 PM EDT, 10/29/2024 (MT Newswires) -- The European stock markets closed lower in Tuesday trading as The Stoxx Europe 600 lost 0.48%, the Swiss Market Index dropped 0.93%, France's CAC was down 0.57%, the FTSE in London fell 0.80%, and Germany's DAX closed 0.20% lower.

Household real consumption per capita increased 0.1% in the euro area in Q2, following a 0.4% increase in the previous quarter, according to Eurostat, the European Union's statistical office. In the EU, household real consumption per capita increased 0.2% in Q2 after rising 0.3% in Q1.

In Germany, Consumer Climate in Germany continues to recover, according to the GfK consumer sentiment index, which is expected to increase by 2.7 points to -18.3 points in November from October. GfK said that although consumer sentiment still remains low, the reading is its highest since April 2022.

And in corporate news, the European Commission has approved private equity firm KKR's proposed joint venture with investment firm The Baupost Group, the Commission said Tuesday. The companies said that the joint venture plans to acquire a 33-asset hotel portfolio based in the UK that will operate under the Marriott and Delta by Marriott brands. The Commission said the joint venture "would not raise competition concerns, given the limited impact on the European Economic Area."

British pharmaceutical company GSK said Tuesday that it agreed to acquire Chimagen Biosciences' CMG1A46, a potential drug candidate to treat lupus and other autoimmune diseases, for $300 million. Under the terms of the deal, GSK will pay $300 million upfront to acquire full worldwide rights to CMG1A46 and Chimagen will be eligible to receive as much as $550 million in success-based milestone payments for CMG1A46.

Grifols said Tuesday that its plasma-protein-based fibrin sealant for controlling surgical bleeding has been approved for pediatric patients by the US Food and Drug Administration. The Spanish biopharmaceutical company said the fibrin sealant was previously approved for adults and children in Europe.