BRUSSELS/FRANKFURT/PARIS (dpa-AFX) - European stocks traded lower on Tuesday, with elevated energy prices, political uncertainty in Germany and caution ahead of U.S. CPI data weighing on markets.
Thursday's ECB meeting remains on radar, where a rate hike is expected. In economic releases, Germany's exports decreased for the first time in six months in July, but the trade surplus increased more than expected due to the sharp fall in imports, official data showed today.
Exports decreased 0.8 percent on a monthly basis in July, in contrast to the 0.9 percent increase in June, Destatis said.
This was the first decrease since January. Similarly, imports declined 5.7 percent, reversing June's 4.5 percent increase.
The pan European Stoxx 600 dropped 0.4 percent to 647.12 after ending little changed on Monday.
The German DAX fell 0.6 percent amid increased political uncertainty after the far-right AfD achieved a historic win in a state election.
Chancellor Friedrich Merz said he is 'deeply shocked' by the overwhelming AfD election win. 'Not only did something change in Saxony-Anhalt yesterday but throughout all Germany. It will have repercussions, including on the international stage.'
France's CAC 40 dipped half a percent and the U.K.'s FTSE 100 was down 0.3 percent. Shares of James Fisher and Sons fell 1.5 percent after the British marine services company reported modest first-half revenue growth.
Homewares retailer Dunelm Group plunged 12 percent after stating that unusually hot weather and weak consumer confidence had knocked trading at the start of its new financial year.
Sandoz rallied 3 percent. The Swiss drug maker said it plans to invest around $300 million to build a new biosimilar manufacturing facility in Ljubljana, Slovenia.
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