European stock markets closed mixed in Tuesday trading as the Stoxx Europe 600 declined 0.18%, Germany's DAX dropped 0.41%, France's CAC 40 was down 0.40%, and the Swiss Market Index was off 0.02%, while the FTSE 100 edged 0.01% higher.

The European Union plans to tack on additional tariffs targeting about 100 billion euros ($113 billion) worth of US goods if ongoing trade talks fail to produce a satisfactory result for the bloc, Bloomberg reported Tuesday, citing people familiar with the matter. The proposed tariff increase will be shared with EU members as early as Wednesday and consultations will last a month before being finalized, Bloomberg reported.

The seasonally adjusted HCOB Eurozone Composite PMI Output Index declined to 50.4 in April from 50.9 the previous month. Despite the decline, the index registered above the 50.0-point threshold dividing expansion from contraction for the fourth straight month.

Meanwhile, the HCOB Eurozone Services PMI Business Activity Index dropped to 50.1 in April from 51.0 in March to 50.1, but remained in expansion - albeit barely - for the third consecutive month.

In the UK, business activity fell for the first time since October 2023 as the headline seasonally adjusted S&P Global UK Services PMI Business Activity Index tumbled to 49.0 in April from 52.5 in March. The index ended its 17-month streak of expansion and was its lowest reading since January 2023.

And in corporate news, British food delivery company of Deliveroo agreed Tuesday to be acquired by DoorDash for an equity value of about 2.9 billion British pounds ($3.88 billion). The deal represents a premium of roughly 29% to Deliveroo's closing share price on April 24, the last business day before the company's board confirmed it received an acquisition proposal from DoorDash.

Shares of Deliveroo gained 2.1% in London trading.

The European Union should impose reciprocal tariffs on Boeing if talks fail to lift US tariffs on the aerospace industry, Airbus Chief Executive Guillaume Faury told reporters in Paris, Bloomberg reported Tuesday. Boeing did not immediately reply to a request for comment from MT Newswires.

Tesla registered 512 vehicles in April in the UK, a 62.1% drop from the same month a year ago, the Society of Motor Manufacturers and Traders said Tuesday.

Philips reported Tuesday Q1 adjusted earnings of 0.25 euros ($0.28) per diluted share, unchanged from a year earlier. Analysts polled by FactSet expected 0.18 euros per share. Sales for the quarter ended March 31 were 4.1 billion euros, down from 4.14 billion euros a year earlier. Analysts polled by FactSet expected 3.84 billion euros. The company maintained its 2025 comparable sales growth guidance of 1% to 3%.

Shares of the electronics conglomerate were down 2.8% in Amsterdam trading

British biopharmaceutical company NuCana's stock dropped nearly 9% in Frankfurt after it priced a registered direct offering of around 10.8 American depositary shares, or ADSs, for expected gross proceeds of about $7 million.