01:15 PM EDT, 08/05/2024 (MT Newswires) -- The European stock markets plunged in Monday trading as The Stoxx Europe 600 lost 2.22%, the Swiss Market Index shed 2.8%, France's CAC dropped 1.42%, the FTSE in London fell 2.04%, and Germany's DAX closed 1.95% lower.

The seasonally adjusted HCOB Eurozone Composite PMI Output Index declined to 50.2 in July from 50.9 in June, indicating a loss of business activity momentum.

"The eurozone's economy is growing at a snail's pace in July," Hamburg Commercial Bank Chief Economist Cyrus de la Rubia said in a statement.

Industrial producer prices increased 0.5% in both the euro area and the European Union in June from May, according to Eurostat, the statistical office of the EU. Compared with June 2023, industrial producer prices decreased 3.2% in the euro area and 3.1% in the EU.

In the UK, output levels in the service sector expanded at an accelerated pace in July as the seasonally adjusted S&P Global UK Services PMI Business Activity Index rose to 52.5 from 52.1 in June. It was the first time that growth has accelerated since April.

And in corporate news, the US' National Highway Traffic Safety Administration has upgraded its investigation into European automaker Stellantis regarding an investigation into a vehicle fire involving a 2009 Dodge Journey. The probe was recently upgraded to an engineering analysis from a preliminary evaluation in part "to explore other potential causes for door lock malfunction," the agency said in a document dated Thursday on its website.

German biotech firm BioNTech reported a wider-than-expected loss in Q2 Monday as global sales of its COVID-19 vaccine fell due to weak demand. The company posted a loss of 3.36 euros ($3.68) per share for the quarter, compared with a 0.79-euro loss a year earlier. Shares of the company closed 4.2% lower in Frankfurt.

French financial services company Societe Generale said Monday that it has agreed to sell its UK- and Switzerland-based private banking units to Swiss private banking firm Union Bancaire Privee for 900 million euros ($984 million). Shares of Societe Generale were down 0.9% in Paris.

French cosmetics maker L'Oreal said Monday that it will acquire a 10% stake in Swiss skin care firm Galderma. Shares of L'Oreal were up 1% in Paris.

Dutch conglomerate Royal Philips said Monday it will repurchase up to 125 million euros ($136.8 million) in common shares to cover a portion of its obligations under long-term incentive plans.