LONDON – European stocks closed lower on Tuesday, as investors digested the latest economic data from the region and beyond. However, the index was up over 1% month-on-month, marking its seventh consecutive month of gains. That's despite August typically being a quieter month for trading given the summer vacation period. Markets turned lower on Tuesday following the release of euro zone inflation data for August which showed consumer prices increased by 3% this month from a year ago, according to preliminary estimates , far above expectations and the European Central Bank's 2% target. The data will put pressure on the central bank to address inflation concerns at a key meeting next week. investing trends from CNBC Pro: Shares of British pharmaceutical firm GSK slipped over 1% after the company and SK Bioscience said they have begun a late-stage trial of their Covid-19 vaccine candidate. after it said it was facing supply chain challenges and labor and materials shortages in some markets as it presented its earnings from the first half of the year. Expected in August, from a record high in July.Investors are also digesting the latest data out of China that showed slowing Chinese factory activity growth in August. y activity grew at a slower pace in August as compared with the previous month, data released Tuesday showed. The official manufacturing Purchasing Managers' Index for August came in at 50.1, against July's reading of 50.4. PMI readings above 50 represent expansion, while those below that level signal contraction. On Wall Street, U.S. stocks were mixed Tuesday. However, the S&P 500 was on track to wrap up its seventh straight month of gains. Tuesday marks the last trading day of August. Investors are awaiting a key jobs report on Friday ahead of the Labor Day weekend. Economists polled by Dow Jones expect 750,000 jobs were created in August and the unemployment rate fell to 5.2% .Enjoyed this article? For exclusive stock picks, investment ideas and CNBC global livestreamSign up for CNBC ProStart your free trial now- CNBC's Ryan Browne, Silvia Amaro and Yun Li contributed to this report.

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