European stocks were mixed Tuesday, with politics and individual company announcements driving the bulk of losses for markets.

Automakers were a common source of gains while drug makers slipped across the board after President Trump pledged action against the industry, saying he is working on a plan that will bring prices down for consumers.

The FTSE 100 closed 0.15% lower in London, at 7,338. The CAC 40 dropped 0.30% to close at 4,958 in Paris, while the DAX eked out a 0.06% gain to settle at 11,966 in Frankfurt.

Shire (SHPG) was the top faller from the pharma sector in London, down nearly 3%, followed closely behind by generics maker Hikma Pharmaceuticals (HKMPY) .

Bookmakers Paddy Power  (PDYPF) was down more than 5% after reporting an inline set of numbers for the full year, with the adverse reaction coming after it said sports betting and gaming revenue slowed in the fourth quarter.

Adding to this, the company is now back on the acquisition trail despite barely having had time to digest last year's deal to buy rival, Betfair.

Standard Life dropped nearly 4%, placing it among the top fallers in London, as investors took profits after Monday's deal news to merge with Aberdeen Asset Management prompted strong gains in the stock.

In Frankfurt, a bouyant automotive sector helped offset losses elsewhere, with Volkswagen (VLKAY) and Daimler (DDAIF) rising 0.2% and 1.1%, respectively. 

This is while energy firm E.ON (EONGY) fell by 2.6%, making it the top faller on the DAX, although the utility sector was weak across the board.

The sector was hit particularly hard in the U.K., where E.ON said it will hike its prices by nearly 9% next year, prompting a backlash from consumer lobby groups and lawmakers. Prime Minister Theresa May said of the sector-wide increases that the government will intervene where "the market fails."

Deutsche Bank (DB - Get Report) was also among the biggest fallers for the third day, after it became public that the lender is pursuing an €8 billion ($8.5 billion) rights issue.

In Paris, the water management company, Veolia (VEOEY)  fell to the bottom of the CAC 40 index after dropping by around 1.5% ahead of the close. It too was hit by negative sentiment toward utilities on the day.

Airbus (EADSY) was also one of the top fallers, down more than 1%, after its sales chief told an airline industry conference in San Diego that he expects new orders for both the firm and the broader industry to slow in 2017.