The European stock markets closed mixed in Tuesday trading as the Stoxx Europe 600 was up 0.13%, Germany's DAX was down 0.13%, the FTSE 100 in London gained 0.11%, France's CAC 40 dropped 0.49%, and the Swiss Market Index rose 0.55%.

European Central Bank executive board member Isabel Schnabel said in a speech in London Tuesday that the era of persistent downside risks to inflation has likely come to an end.

"Growing geopolitical fragmentation, climate change and labor scarcity pose measurable upside risks to inflation over the medium to long term," European Central Bank executive board member Isabel Schnabel said. "This is especially true as the recent inflation surge may have permanently scarred consumers' inflation expectations and may have lowered the bar for firms to pass through adverse cost-push shocks to consumer prices."

In Germany, gross domestic product declined 0.2% in Q4 compared with the previous quarter, adjusted for price, seasonal, and calendar effects, according to the Federal Statistical Office. The FSO said significantly fewer goods and services were exported in Q4 than in Q3, adjusted for price, seasonal and calendar effects. It also said the decline in exports was its sharpest since Q2 of 2020.

And in corporate news, Spanish telecommunications operator Telefonica's attempt to sell its Argentina unit to Telecom Argentina will be reviewed by the government for possible breach of anti-monopoly rules, Argentina's President Javier Milei said late Monday. Telefonica's move to sell its Argentina unit to Telecom Argentina will be reviewed by the government for possible breach of anti-monopoly rules, Argentina's President Javier Milei said late Monday. Telefonica didn't immediately reply to MT Newswires' request for comment.

Trinidad and Tobago plans to seek an extension of a US license for Shell (SHEL) to develop a key gas project in Venezuela in partnership with Trinidad's National Gas Company, Reuters reported Tuesday. Shell declined to comment when reached by MT Newswires and referred questions about the license to the Trinidad government.

Tesla new car registrations fell 45.2% year over year to 9,945 in January in the European Union, European Free Trade Association, and UK, the European Automobile Manufacturers' Association said Tuesday. The electric vehicle maker is also acquiring parts of German engineering company Manz, which is undergoing insolvency proceedings. Under a purchase agreement signed Monday, the company's subsidiary Tesla Automation, which operates in three locations in Germany, will use a Manz property in Reutlingen, where it has plans for future operations, according to a statement from Manz.