European stock markets closed mostly lower in Wednesday trading as the Stoxx Europe 600 fell 0.5%, Germany's DAX edged 0.1% higher, the FTSE 100 was off 0.3%, France's CAC dropped 0.9%, and the Swiss Market Index lost 0.8%.

Euro area annual inflation was an estimated 2.8% in June, down from 3.2% in May, according to a flash estimate from Eurostat, the statistical office of the European Union.

Among the main components of euro area inflation, energy is expected to have the highest annual rate, followed by services; food, alcohol and tobacco, and non-energy industrial goods.

The highest inflation rate were in Bulgaria at 5.3%, while the lowest rate was 1.9% in Malta.

In corporate news, Shell is close to a deal to sell over 600 retail fuel outlets in South Africa to Abu Dhabi National Oil's retail arm for a deal valued at around $1 billion, Bloomberg reported Tuesday, citing people familiar with the matter.

The deal would give Adnoc Distribution control of 10% of South Africa's market, the report said.

Shell declined to comment, and Adnoc Distribution did not immediately reply to MT Newswires' request for comment.

Shares of the British oil and gas major declined 2% in London.

Eni said Wednesday it agreed with Mercuria to establish an equally owned joint venture to oversee energy commodities trading activities across global markets.

The independently operated venture will handle selected energy commodities trading and commercialization activities, including oil, biofuels, natural gas, LNG, and related logistics and infrastructure rights.

Shares of Eni fell 2.2% in Milan.

Equinor has entered into a letter of intent with Transocean (RIG) to charter three Cat D rigs for operations on the Norwegian continental shelf under an agreement valued at about $1 billion, the company said Wednesday.

The agreement covers Transocean Enabler for three years, Transocean Encourage and Transocean Endurance for two years each, the company said.

Shares of the Norwegian petroleum refiner dropped 0.7% in Oslo.

WPP plans to expand its WPP Enterprise Solutions unit with the launch of a solutions portfolio designed to help customers with artificial intelligence-led digital transformation, the company said Wednesday.

The portfolio includes AI transformation consulting, agentic commerce and intelligent content, among others, the company said.

Shares of the British communications company rose 2.6% in London.