12:19 PM EDT, 05/29/2024 (MT Newswires) -- The European stock markets closed lower in Wednesday trading as The Stoxx Europe 600 fell 1.06%, the Swiss Market Index was off 0.51%, France's CAC lost 1.52%, the FTSE in London was down 0.86%, and Germany's DAX dropped 1.09%.

The annual inflation rate in Germany rose to 2.4% in May from 2.2% in April, according to the Federal Statistical Office, while the monthly rate is expected to increase 0.1%. Annual core inflation, which excludes food and energy, is expected to rise 3.0% for May, which is unchanged from the previous month.

And in corporate news, British mining company Anglo American said Wednesday that its board of directors has unanimously decided not to extend Wednesday's 5 p.m. BST deadline for BHP Group to commit to a takeover offer or walk away for six months. Bloomberg reported that BHP said it is opting to walk away for six months.

Germany-based Siemens Energy's wind turbine division Siemens Gamesa will eliminate 4,100 jobs, or approximately 15% of its workforce, Reuters reported Tuesday, citing an internal letter to staff from the unit's Chief Executive Jochen Eickholt. Shares of Siemens Energy closed 3.8% lower on the DAX.

London-based privately held ophthalmology biotech company Eyebiotech has agreed to be acquired by US pharmaceutical giant Merck for up to $3 billion, the companies said Wednesday. Merck said it will make an upfront payment through a subsidiary of $1.3 billion in cash and another potential $1.7 billion in developmental, regulatory, and commercial milestone payments. The deal is expected to close in Q3.

International Distribution Services, the owner of UK postal services provider Royal Mail, said it has agreed to be acquired by EP Group for 370 pence per share, or approximately 3.57 billion British pounds ($4.54 billion).

And UK financial services giant HSBC has completed the sale of its Russian unit to Expobank, the Russian bank said Wednesday. Financial details were not disclosed.