European stocks took a downturn on Tuesday as investors grappled with a series of underwhelming corporate reports and turned their attention to Federal Reserve Chair Jerome Powell's anticipated testimony before a congressional panel, seeking clarity on future interest rate movements.
Additionally, market participants awaited statements from European Central Bank (ECB) board member Piero Cipollone for further economic insights.
The pan-European STOXX 600 dipped 0.1 percent to 515.82, following a muted finish on Monday with a slight negative tilt. Germany's DAX dropped 0.3 percent, France's CAC 40 decreased by 0.4 percent, while the U.K.'s FTSE 100 edged up by 0.2 percent. This uptick came after Britain's finance minister, Rachel Reeves, unveiled initiatives to expedite infrastructure projects and stimulate private investment, as part of a new "national mission" to boost economic growth.
Within the corporate sector, Saint-Gobain's shares declined by 1.3 percent in Paris following the completion of its acquisition of CSR. Software company Dassault Systèmes plummeted by 3.5 percent after revising its 2024 earnings forecast downward.
In London, PageGroup's shares plunged 6.2 percent after the recruitment firm cautioned that its earnings could potentially fall by about 50 percent this year. BP's shares fell more than 3 percent, with the energy giant cautioning about "significantly lower" refining margins and indicating a potential impairment of $1 billion to $2 billion on a plant in Germany.
Drug manufacturer Indivior saw its shares nose-dive 42 percent, hitting approximately three-year lows following a profit warning.
