The European stock markets closed mixed in Wednesday trading amid inflation concerns, rising bond yields, and the continuing global selloff in tech and artificial intelligence stocks.
The FTSE 100 rose 0.1%, France's CAC increased 0.1%, and the Swiss Market Index gained 0.4%, while the Stoxx Europe 600 and Germany's DAX closed marginally lower.
In the UK, the Consumer Prices Index rose 2.9% in the 12 months to July, up from 2.6% the previous month, according to the Office for National Statistics.
On a monthly basis, CPI rose 0.3% in July, compared with a 0.1% rise a year earlier. Housing and household services, and furniture made the largest upward contributions to the annual rates.
European government bonds were under pressure Wednesday, driving yields to multi-year highs before stabilizing slightly with liquidity support actions from the US Treasury.
In corporate news, British lenders HSBC and Standard Chartered completed the first live international tokenized deposit transaction on Swift's blockchain-based ledger, the companies said Wednesday.
The trade matched and netted payment obligations between HSBC's tokenized deposit service and Standard Chartered's infrastructure before final settlement. The technology enables continuous international transfers and improves liquidity efficiency for clients, the companies said.
Shares of HSBC and Standard Chartered fell 0.9% and 1.8% respectively in London.
Novo Nordisk has initiated a study to see how oral semaglutide, when taken in lower doses, impacts body weight in participants with excess body weight when compared to a placebo, according to a Tuesday regulatory filing.
The primary endpoint aims to discern the optimal lower dose of oral semaglutide to treat overweight or obese patients, the filing said. The filing said the OASIS 5 study began Aug. 12 and is recruiting an estimated 450 participants.
The study is estimated to be completed in April 2028.
Shares of the Danish pharmaceutical company gained 1.1% in Copenhagen.
Nokia plans to close almost all of its facilities in mainland China by year-end in a broad exit from the market, South China Morning Post reported Tuesday, citing sources familiar with the situation.
The shutdown will involve workforce cuts to its mobile and infrastructure divisions, leaving only after-sales support operating in the country, the news outlet quoted the sources as saying. The departure comes as government agencies and private businesses increasingly favor domestic technology over foreign alternatives, SCMP reported, citing the sources.
Nokia did not immediately respond to' request for comment.
Shares of the Finnish telecommunications company declined 0.2% in Helsinki.
Diageo reduced its worldwide personnel to an average of 27,938 as of June 30, compared with 29,860 a year earlier, the company's annual report showed Wednesday.
The 6% reduction is part of a $1 billion cost-cutting effort under the alcoholic beverage company's new Chief Executive Dave Lewis, Reuters reported.
Diageo declined' request for comment.
Shares of the alcoholic beverage company were off 0.2% in London.
Smith & Nephew said Chief Financial Officer John Rogers will step down Sept. 30 to take an external role in the US and will leave the company's board immediately, the company said Wednesday.
The company said Pierre Palassian, senior vice president of finance and group controller, will serve as interim CFO while it searches for a permanent successor.
Shares of the medical device maker dropped close to 4% in London.
Shell Lubricants and Hyundai Motor have renewed their global partnership for another five years, the companies said Wednesday.
Shell will continue as Hyundai Motor's recommended global aftersales lubricant supplier, while the companies will collaborate on lubricant technologies and high-performance vehicle programs.
The companies also plan to expand service marketing initiatives, while Shell will supply Shell Helix engine oils to Hyundai Motor customers globally, they said.
Shares of Shell increased 0.8% in London.