European Stocks Close Lower Ahead Of Key Economic Events

European stocks closed lower on Tuesday as concerns about the outlook for global economic growth amid disappointment from the lack of fresh stimulus from China and uncertainty about the timeline for interest rate cuts rendered the mood cautious.

Investors also digested the latest batch of economic data from Europe and U.S., in addition to reacting to earnings updates. Investors are also looking ahead to Federal Reserve Chair Jerome Powell’s congressional testimony this week, the U.K.’s budget, and the European Central Bank’s monetary policy announcement.

The pan European Stoxx 600 ended down 0.23%. Germany’s DAX edged down 0.1% and France’s CAC 40 settled lower by 0.3%, while the U.K.’s FTSE 100 crept up 0.08%. Switzerland’s SMI ended down 0.12%.

Among other markets in Europe, Belgium, Denmark, Finland, Greece, Netherlands, Poland, Sweden and Turkiye closed weak.

Iceland, Norway, Portugal, Russia and Spain ended higher, while Austria closed flat.

In the UK market, Ashtead tanked more than 9% after the company said its full-year group revenues will likely expand at the low end of its guidance.

Antofagasta, RS Group, Hikma Pharmaceuticals, Croda International, Prudential, Scottish Mortgage, Rentokil Initial, The Sage Group, Rio Tinto and Barratt Developments lost 1 to 4%.

Intertek rallied 6%. Endeavour Mining, Marks & Spencer, Fresnillo and SSE gained 2 to 5%. Weir Holdings, National Grid, Glencore, BAE Systems, Compass Group and Convatec Group also ended notably higher.

In the German market, Fresenius Medical Care soared 11%. Fresenius gained about 3.5%. RWE ended nearly 3% u. E.ON, Commerzbank, MTU Aero Engines, Hannover Rueck and Qiagen also ended notably higher.

Bayer plunged more than 7%. Siemens Energy, Deutsche Post, HeidelbergCement, Infineon, Siemens and Volkswagen lost 1 to 1.7%.

In Paris, Alstom, Dassault Systemes, Capgemini, Schneider Electric, ArcelorMittal, Hermes International, Saint Gobain, Unibail Rodamco, LVMH, Kering, L’Oreal, Renault and…