12:07 PM EDT, 07/24/2024 (MT Newswires) -- European stock markets closed lower in Wednesday trading as the Stoxx Europe 600 was down 0.61%, the Swiss Market Index lost 0.62%, France's CAC dropped 1.12%, the FTSE in London was off 0.17%, and Germany's DAX fell 0.92%.

The eurozone private sector moved closer to stagnation in July as the seasonally adjusted HCOB Flash Eurozone Composite PMI Output Index declined to 50.1 from 50.9 in June, a tenth of a point above the no-change threshold.

"The eurozone manufacturing sector was again a key source of weakness," S&P said in a release. "Production was down markedly in July, and to the largest extent in the year-to-date. As such, a rise in services activity stopped the overall private sector from falling into contraction."

In the UK, private sector activity expanded in July, according to the headline seasonally adjusted S&P Global Flash UK PMI Composite Output Index, which rose to 52.7 from 52.3 in June. Britain's manufacturing sector registered the sharpest increase in activity as production levels rose for the third month in a row.

In Germany, consumer sentiment "improved noticeably" in July, according to the latest GfK Consumer Climate indicator, which rose 3.2 points in August to -18.4 points from -21.6 points the previous month.

"Income expectations are rising significantly and both economic expectations and the propensity to buy are rising moderately," the report said. "The propensity to save, on the other hand, is almost unchanged."

And in corporate news, Deutsche Bank reported a Q2 loss Wednesday of 0.28 euros ($0.30) per diluted share, compared with earnings of 0.19 euros a year earlier. It was the first time the German lender reported a quarterly loss attributable to shareholders since Q2 of 2020. Shares of Deutsche Bank closed nearly 9% lower in Frankfurt.

Ferrari said Wednesday that it will extend its cryptocurrency payment system to its network of European dealers as of the end of July after having launched in the US less than a year ago. The Italian sports car manufacturer said that it will make the alternative payment system available to other countries that legally accept cryptocurrencies by the end of 2024. Shares of Ferrari closed 2% lower in Milan.

French telecommunications services company Orange reported Q2 revenue Wednesday of 9.99 billion euros ($10.83 billion), up from 9.90 billion euros a year earlier, but below analyst forecasts of just over 10 billion euros. Shares of Orange rose 1.3% on the Euronext Paris in Wednesday trading.

And luxury goods stocks sank on the European bourses in Wednesday trading as Kering and Louis Vuitton fell 5.3% and 4.5%, respectively, in Paris, followed by Hermes International and Pernod Ricard, which were down 2.4% and 1.8%, respectively. Shares of British luxury fashion house Burberry closed 2.1% lower in London.