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European stocks close lower as interest rate moves eyed
European markets closed lower on Tuesday, as investors assessed earnings from leading companies across the region along with expectations for U.S. interest rates.
The regional Stoxx 600 index closed down 0.2%, with most major sectors and bourses in negative territory. Travel & leisure and technology sectors led the way, rising 1% and 0.8% respectively.
Tech stocks got a boost from software giant SAP, which hit a record high after raising revenue guidance on strong growth in its cloud business. SAP shares rose more than 2%.
Shipping giant Maersk, seen as a barometer of global trade, raised its full-year profit forecast, citing strong demand for containers. Shares opened 3.3% higher before reversing course to fall 3.3%.
Nervous sentiment rose on Wall Street after several Federal Reserve policymakers on Monday urged caution on the path of interest rate cuts, sending U.S. bond yields higher.
U.S. stocks fell for a second day on Tuesday as higher interest rates overshadowed a strong start to the earnings season. Asia-Pacific markets also fell overnight.
