12:02 PM EDT, 10/30/2024 (MT Newswires) -- European stock markets closed sharply lower in Wednesday trading as The Stoxx Europe 600 lost 1.08%, the Swiss Market Index dropped 1.05%, France's CAC fell 1.01%, the FTSE in London was down 0.53%, and Germany's DAX closed 0.96% lower.

The UK government raised its economic growth forecast for 2024 and 2025 in its annual budget released Wednesday. The Office for Budget Responsibility said it expects 2024 GDP growth of 1.1%, up from previous guidance of 0.8%, and 2025 GDP growth of 2%, slightly higher than its prior forecast of 1.9%. However, it also said it expects weaker GDP growth between 2026 and 2028.

Seasonally adjusted GDP increased 0.4% in Q3 in the euro area and 0.3% in the European Union, compared with the previous quarter, according to a preliminary estimate from Eurostat, the statistical office of the EU. Compared with a year earlier, the seasonally adjusted GDP increased 0.9% in the euro area and in the EU in Q3.

In Germany, GDP grew 0.2% in Q3 compared with both Q2 and the year-ago quarter, adjusted for price, seasonal and calendar effects, according to the Federal Statistical Office. The FSO also reported that it expects an inflation rate of 0.4% in Q3 compared with the previous quarter, and 2% compared with the year-ago quarter.

In France, GDP rose 0.4% in Q2 after rising 0.2% the previous quarter, aided by the Paris Olympic and Paralympic Games, according to the National Institute of Statistics and Economic Studies

In Spain, inflation for October will be an estimated 1.8%, compared with 1.5% the previous quarter, with an annual inflation of 2.5%, according to Spain's National Statistics Institute, which attributed the increase primarily to rising fuel prices.

And in corporate news, British pharmaceutical company GSK reported Q3 core earnings Wednesday of 0.497 British pounds ($0.65) per share, down from 0.504 pounds a year earlier. Analysts polled by Capital IQ expected 0.43 pounds. Turnover, or sales, for the quarter ended Sept. 30 was 8.01 billion pounds, down from 8.15 billion pounds a year earlier. Analysts surveyed by Capital IQ expected 8 billion pounds. Shares of GSK dropped 2.8% in London trading.

European automaker Stellantis' Chrysler subsidiary will recall 33,777 model year 2025 Ram 1500 pickup trucks due to problems with the vehicle's electronic stability control system, documents on the US National Highway Traffic Safety Administration's website showed Wednesday.

AstraZeneca said Wednesday that AstraZeneca China President Leon Wang is under investigation and cooperating with a probe by Chinese authorities. "Our China operations continue under the leadership of the current General Manager of AstraZeneca China," the British pharmaceutical company said in a statement, adding it plans to "fully cooperate" with the probe if requested.