European Stocks Close Lower
European stocks closed slightly lower on Tuesday, trimming the rally from the last four weeks as markets digested the earnings, political setbacks, and continued to assess how economic uncertainty is impacting corporate orders.
The Eurozone's STOXX 50 eased 0.4% to 5,261 and the pan-European STOXX 600 lost 0.2% to 536. German conservative leader Friedrich Merz was elected chancellor on the second round of voting by the German Bundestag, but equities were not able to reverse the pullback suffered after the first vote unexpectedly ended short of his election.
French giants in the consumer discretionary sector lead the losses, with L'Oreal and EssilorLuxottica each dropping more than 2%, while Hermes and LVMH fell close to 1% each. Also, Novo Nordisk sank close to 4% ahead of its earnings this week. On the other hand, Intesa Sanpaolo and Ferrari both closed firmly higher after posting optimistic corporate results.
Source: Trading Economics