The European stock markets closed sharply lower in Tuesday trading as The Stoxx Europe 600 dropped 1.31%, Germany's DAX declined 0.83%, the FTSE 100 in London fell 1.13%, France's CAC 40 lost 0.98%, and the Swiss Market Index tumbled 2%.

The European Commission said it is making "unannounced inspections" at companies that are in the non-alcoholic drinks sector in several EU countries.

"The Commission has concerns that the companies concerned may have violated EU antitrust rules that prohibit cartels and restrictive practices, and abuses of a dominant position," The Commission said in a statement.

In the UK, labor market conditions continued to weaken halfway through Q1, according to the most recent KPMG and REC UK Report on Jobs survey, compiled by S&P Global. The report noted a decline in overall vacancies in February, while the availability of staff continued to rise. The report also found that starting salaries rose at their weakest rate in four years.

And in Ireland, the headline seasonally adjusted AIB Ireland Construction Total Activity Index for February rose to 48.7 from 48.2 in January but remained below the 50.0-point threshold indicating contraction for the second straight month.

And in corporate news, Manchester United said Tuesday it plans to build a 100,000-seat stadium as part of the redevelopment of the Old Trafford area. The sports club said it expects the project to add 7.3 billion British pounds ($9.44 billion) per year to the UK economy and potentially bring in 1.8 million additional visitors annually besides possibly creating 92,000 new jobs.

Telesat and French telecommunications operator Orange have formed a strategic commercial partnership to offer new satellite connectivity services, Orange said Tuesday. As part of the agreement, the company said a Telesat Lightspeed Landing Station will be hosted at its teleport in Bercenay-en-Othe, France, with ground connectivity linking to Paris via Orange's Wholesale International Private Line.

WeRide and Renault Group said Tuesday they are offering a free autonomous robobus trial service in Barcelona, Spain, until March 14. The trial service is the first test of the autonomous vehicle for transport in Spain, the companies said. The robobus will operate in a circular itinerary of more than two kilometers with four stops.