European Stocks Close Mostly Lower in Tuesday Trading; Bonds Rise on Inflation, Government Debt Concerns

11:45 AM EDT, 09/02/2026 (MT Newswires) -- The European stock markets closed mostly lower in Tuesday trading as European and global bond yields tracked higher, driven by rising energy costs and concerns over inflation and government debt. The Stoxx Europe declined 0.3%, Germany's DAX dropped 0.5%, the FTSE 100 fell 0.3%, France's CAC was off 0.3%, while the Swiss Market Index closed 0.1% higher. In corporate news, BP said Wednesday it appointed Ian Tyler as board chair, effective immediately. Tyler joined the board as a non-executive director in April 2025 and served as interim chair since May, the company said. Separately, Senior Independent Director Amanda Blanc will not stand for re-election at the 2027 annual meeting and will leave the board once a successor is appointed, BP said. Shares of the oil and gas major edged marginally higher in London. Stellantis and Unifor have begun negotiations on a new contract covering more than 9,000 workers at facilities across Canada, the Canadian autoworkers union said Tuesday. Unifor has set an internal deadline of Sept. 11 to reach a tentative agreement with Stellantis, it said. "We look forward to constructive discussions in the weeks ahead," Trevor Longley, President, Canada, Stellantis North America told MT Newswires. Shares of the automaker dropped 2.6% in Paris. Novartis has signed an option and licensing agreement with South Korean biotech Alteogen to develop and sell subcutaneous versions of multiple Novartis drugs using its ALT-B4 technology, Alteogen said Wednesday. The company said ALT-B4 is designed to convert biologic medicines typically given through intravenous infusions into faster injections under the skin. If Novartis exercises all options and all milestones are met, Alteogen could receive up to $3.223 billion, including option fees, development and commercial milestones, and royalties on product sales, it added. Shares of the Swiss pharmaceutical company gained 0.3% in Zurich. Ryanair's August traffic reached 22.2 million guests, up 6% from a year earlier, the company said Wednesday. The airline said it is cutting its fiscal 2027 traffic target to 214 million passengers from 216 million passengers, reducing its exposure to unhedged jet fuel during the winter months between November and March. Shares of the Irish airline rose 1.3% in Dublin. Nokia is set to rejoin the blue-chip Euro STOXX 50 index after a year as Volkswagen AG is set to lose its spot, according to index compiler Stoxx's annual review on Tuesday. The changes to the index, which will take effect before the market opens on Sept. 21, come as the European automaker struggles with competition from Chinese electric vehicle makers and undergoes restructuring. Shares of the Finnish telecommunications company lost 0.8% in Helsinki. UBS has launched nine cash tender offers to purchase up to $6 billion of its outstanding notes, the company said Wednesday. The offers cover three series on an any-and-all basis and six series subject to a $2 billion maximum purchase consideration. The notes include securities denominated in US dollars, British pounds and euros with maturities from 2028 through 2033, the company said. The offers expire at 5 pm ET on Sept. 10, unless extended. Shares of the Swiss bank increased 1.6% in Zurich.