European Markets Close Lower as Sentiment Turns Wary; Stoxx 600 Down 1%
European stocks closed lower Tuesday, continuing a lackluster start to September trading.
The pan-European Stoxx 600 index provisionally ended down 1%, with all major bourses and the majority of sectors in the red. Mining stocks shed 3.28% and tech stocks lost 2.23%, while food and beverages were a rare outlier, adding 0.09%.
Shares of French cable manufacturer Nexans jumped over 8% to hit an all-time high following reports that an agreement in principle had been reached for a major submarine power cable between Greece and Cyprus for which it won the contract, according to Reuters. Shares pared some gains to end the day around 4.5% higher.
It comes after U.S. stocks also slipped in the first trading day of the month, as traders returned from the Labor Day holiday and braced themselves for a potentially tough September following a strong but volatile August. Two readings of manufacturing production, published Tuesday, showed signs of weakness, pulling markets lower amid renewed fears of an economic slowdown.
Source : CNBC
