12:06 PM EDT, 05/28/2025 (MT Newswires) -- European stock markets closed lower in Wednesday trading as the Stoxx Europe 600 declined 0.61%, Germany's DAX was down 0.78%, the FTSE 100 fell 0.59%, France's CAC 40 lost 0.49%, and the Swiss Market Index dropped 1.12%.

In France, GDP grew a meager 0.1% in Q1 compared with the previous quarter, according to the Institute for Statistics and Economic Studies (INSEE). INSEE said the purchasing power of household gross disposable income per consumption unit increased 0.1% from Q4 of 2024. It also reported that the household savings rate rose to 18.8% of gross disposable income from 18.5% the previous quarter.

In Germany, the number of residents employed remained unchanged in April from March at 45.8 million, according to the Federal Statistical Office, which also said the number of residents employed has "remained virtually constant since December 2024."

And in corporate news, Stellantis said Wednesday it has appointed Antonio Filosa as its new chief executive officer, effective June 23. Prior to the appointment, Filosa was chief operating officer of the Americas and chief quality officer, the company said. Executive Chairman John Elkann will remain in his role. The European automaker said it will convene an extraordinary shareholder meeting in the coming days to formally elect Filosa to the board as an executive director.

British mining giant Rio Tinto's Chief Executive Jakob Stausholm agreed to step down last week amid his reluctance to follow the board's priorities, which included cutting costs, Reuters reported Wednesday, citing three sources familiar with the matter. Rio Tinto did not immediately reply to a request for comment from MT Newswires.

Belgian biopharmaceutical company Argenx is "uniquely positioned" for continued growth in the autoimmune space, driven by its lead drug Vyvgart and a pipeline of emerging therapies, Wedbush Securities said in a note Wednesday.