European stock markets closed higher in Tuesday trading as the Stoxx Europe rose 0.6%, Germany's DAX gained 0.3%, the FTSE 100 increased 0.3%, France's CAC advanced 0.7%, and the Swiss Market Index was up 0.1%.
Euro area annual inflation was an estimated 3.2% in May, up from 3.0% in April, according to a flash estimate from Eurostat, the statistical office of the European Union.
Among the main components of euro area inflation, energy had the highest estimated annual rate at 10.9%, up from 10.8% in April, followed by services, which rose to 3.5% from 3.0% in April.
Malta had the lowest annual inflation rate at 2.1%, while Bulgaria had the highest rate at 6.3%.
In corporate news, STMicroelectronics said it now expects to generate data center revenue of about $1 billion in 2026, compared with previous guidance of "nicely above $500 million," the company said Tuesday.
The company said it raised its target in light of continued strong demand for AI infrastructure.
Shares of the French semiconductor company surged 15% in Paris.
AstraZeneca said Tuesday its phase 3 trial showed that Imfinzi combined with Imjudo, with or without lenvatinib and transarterial chemoembolisation, improved outcomes in patients with unresectable liver cancer eligible for embolisation.
The company said the study met its primary endpoint, showing a statistically significant reduction in risk of disease progression or death versus standard therapy alone.
Shares of the British pharmaceutical company declined 1.4% in London.
BP has asked senior independent director Amanda Blanc to lead the search for the company's next chair despite concerns from some investors and City figures following the departure of former chairperson Albert Manifold, the Financial Times reported Monday.
Blanc will oversee a "rigorous" selection process on behalf of the board, the report said, citing Interim Chair Ian Tyler.
BP did not immediately respond to' request for comment.
Shares of the British oil and gas giant were off 0.1% in London.
UBS is set to raise at least $500 million in Additional Tier 1 bonds denominated in US dollars, Bloomberg reported Tuesday, citing a person familiar with the matter.
Bloomberg described the offering as UBS's first foray into the market since the bank's host Switzerland paused plans to tighten rules on the riskier bank debt.
Shares of the Swiss bank gained 1.2% in Zurich.
Royal Philips said Tuesday it received US Food and Drug Administration 510(k) clearance for an artificial intelligence software package designed for its flagship ultrasound systems.
The newly cleared Elevate Plus platform adds automated workflow features and decision support tools to the EPIQ Elite and Affiniti ultrasound systems, the company said.
Shares of Royal Philips dropped 1.1% in Amsterdam.