12:07 PM EDT, 10/21/2025 (MT Newswires) -- European stock markets closed mostly higher in Tuesday trading as the Stoxx Europe rose 0.21%, Germany's DAX gained 0.29%, the FTSE in London was up 0.25%, France's CAC increased 0.64%, while the Swiss Market Index edged 0.10% lower.

Global trade tensions, particularly between the US and China, could disrupt supply chains and increase the risk for banks lending to companies participating in international trade "thus amplifying conditions of uncertainty," European Central Bank Chief Economist Philip Lane said in a speech Tuesday at the Macroeconomics and Finance Conference in Germany.

"During the tariff turmoil, the unusual combination of a sell-off in US Treasury securities and a weakening dollar made it more difficult for euro area banks to rely on their USD-denominated liquid assets - once considered safe havens," Lane said, adding that "banks' perception of lending to firms more affected by tariffs could impair the supply of credit, weakening the monetary policy easing impulse.""

The euro area general government gross debt to GDP ratio rose to 88.2% in Q2 from 87.7% in Q1, while the ratio in the European Union increased to 81.9% from 81.5%, according to Eurostat. Compared with a year earlier, the government debt to GDP ratio increased to 88.2% from 87.7% in the euro area, and to 81.9% from 81.2% in the EU.

The highest ratios of government debt to GDP at the end of Q2 were in Greece (151.2%), Italy (138.3%), France (115.8%), Belgium (106.2%) and Spain (103.4%). The lowest ratios were in Estonia (23.2%), Luxembourg (25.1%), Bulgaria (26.3%), and Denmark (29.7%).

In corporate news, Novo Nordisk said Tuesday Chair Helge Lund, Vice Chair Henrik Poulsen and five other independent board members will not stand for election on Nov. 14 at an Extraordinary General Meeting.

Shares of the Danish pharmaceutical giant fell 1.4% in Copenhagen.

Deutsche Bank ( DB ) and Carronade Capital are challenging a $10 billion restructuring plan for Ardagh Group, arguing that it unfairly benefits certain creditors and shareholders, the Financial Times reported Tuesday.

The report said that the deal, spearheaded by billionaire Paul Coulson, would transfer control of the heavily indebted packaging firm to bondholders while distributing $300 million to shareholders, including more than $100 million to Coulson himself.

Deutsche Bank ( DB ) and Carronade did not immediately respond to MT Newswires' request for comment.

Shares of the German banking giant were off 0.9% in Frankfurt.

Consumer goods company Unilever ( UL ) said Tuesday that it is delaying the planned demerger of its Magnum Ice Cream business due to the ongoing US federal government shutdown. The company said in a regulatory filing that it "remains committed to and confident" of implementing the demerger this year.

Unilever ( UL ) shares fell 0.5% on the FTSE 100 in London.

Shell and Chevron are among the oil majors that have reduced oil and gas production at Kazakhstan's Karachaganak field after a Ukrainian drone strike damaged a gas processing plant in Russia, Reuters reported Tuesday, citing Kazakhstan's energy minister Erlan Akkenzhenov. The oil and gas field cut daily output by between 8,500 and 9,000 metric tons, the report said.

Shell declined to comment in reply to a request sent by MT Newswires.

Shares of Shell were up 0.2% in London.