11:46 AM EDT, 08/12/2026 (MT Newswires) -- After tracking moderately higher earlier in the trading session, European stock markets closed lower Wednesday as investors weighed earnings reports amid relatively stable oil prices.

The Stoxx Europe declined 0.2%, Germany's DAX dropped 0.2%, the FTSE 100 fell 0.2%, France's CAC fell 0.5%, and the Swiss Market Index lost 0.8%.

In Germany, annual inflation, as measured by the consumer price index, accelerated to 2.8% in July from 2.3% in June, according to the Federal Statistical Office, Destatis.

"Energy prices continued to rise at an above-average rate and thus remained a key driver of inflation," Destatis President Ruth Brand said in a statement. "Fuel prices, in particular, rose noticeably compared to the previous month, as the government fuel discount ended on June 30, coinciding with the rise in oil prices due to the ongoing war with Iran."

Compared with the previous month, consumer prices rose 0.8%.

In corporate news, HSBC's global chief executive for insurance, Edward Moncreiffe, is set to leave the bank in September for external opportunities after about two decades with the lender, Reuters reported Wednesday, citing two people familiar with the matter.

Moncreiffe, who took over the insurance role in 2024, is expected to be succeeded by two executives as HSBC plans to split the position, according to the report.

In a statement emailed to MT Newswires, an HSBC spokesperson declined to comment.

Shares of the British bank closed 0.5% higher in London.

Rio Tinto and its partners are expected to receive financial support from Australia's federal and New South Wales governments to keep the Tomago aluminum smelter operating amid high energy costs, Bloomberg reported Wednesday, citing people familiar with the matter.

The package is expected to be announced Thursday and is aimed at securing reliable, competitively priced power for the smelter beyond the expiration of its current electricity contract in 2028, according to the report.

Rio Tinto owns a 51.55% stake in Tomago, while Gove Aluminium Finance and Hydro Aluminium hold the remaining interests.

Rio Tinto did not immediately respond to MT Newswires' request for comment.

Shares of the mining company rose 0.6% in London.

Ryanair and Google Cloud have agreed to deploy Google Workspace and Gemini Enterprise artificial intelligence across the airline's network, the companies said Wednesday.

The five-year partnership will support operational decision-making and flight crew logistics optimization and will incorporate Google DeepMind models, the companies said.

Shares of the Irish airline gained 0.8% in Dublin.