12:09 PM EDT, 07/02/2024 (MT Newswires) -- The European stock markets closed lower in Tuesday trading as The Stoxx Europe 600 fell 0.44%, the Swiss Market Index was down 0.32%, France's CAC moved 0.30% lower, the FTSE in London lost 0.56%, and Germany's DAX dropped 0.75%.

Euro area annual inflation is expected to be 2.5% in June, down from 2.6% in May according to a flash estimate from Eurostat, the statistical office of the European Union. Among the main components of inflation, services is expected to have the highest annual rate in June at 4.1%, followed by food, alcohol and tobacco at 2.5%.

Eurostat also reported that the euro area seasonally adjusted unemployment rate was 6.4% in May, unchanged from April and down from 6.5% in May 2023.

And in corporate news, UK oil and gas giant Shell said Tuesday that its subsidiary Shell Nederland Raffinaderij will temporarily pause construction work at its biofuels facility at the Shell Energy and Chemicals Park Rotterdam to assess the "most commercial way forward" for the project amid weak market conditions.

Shell is also among more than 12 oil companies that have expressed interest in buying a 40% stake in Galp Energia's oil discovery off the coast of Namibia, Reuters reported Tuesday, citing sources close to the sales process.

Irish airline operator Ryanair said Monday that it flew 19.3 million passengers in June, up 11% year over year, and operated more than 106,000 flights. The company said the number of passengers flown in June was an all-time record and was the first time it exceeded 19 million passengers in a month.

European automaker Stellantis said Tuesday that it has made an additional $55 million investment in Archer Aviation, a manufacturer of electric vertical takeoff and landing aircraft. The investment is part of a strategic funding agreement between the companies and follows the successfully completed transition flight test of Archer's Midnight aircraft last month.

UK financial services company HSBC is curbing hiring and asked investment bankers to reduce travel and entertainment expenses as outgoing Chief Executive Noel Quinn looks to lower costs, Bloomberg reported Tuesday, citing people familiar with the matter.