FX.co ★ European Stocks Lower

European stocks declined on Tuesday, with the STOXX 50 index decreasing by 1% and the STOXX 600 index dropping by 0.8%, erasing some of the robust gains seen in the previous session. The downturn was primarily driven by sectors such as basic resources, automotive, banking, and industrials. Market sentiment was negatively impacted by renewed concerns regarding the US-China trade dispute, as both nations began implementing new port fees on each other's shipping vessels today. Corporate announcements also played a significant role in market fluctuations. BP's shares fell approximately 2% after the company cautioned about potential post-tax impairment charges of up to $500 million for the third quarter. Rio Tinto's shares declined by 1.4% following a disappointing production update. Meanwhile, LVMH, ASML, and Siemens saw their stocks decrease by 1.3–2.7%, and Michelin's stock plummeted 10% after the company revised its full-year outlook downward. Conversely, Ericsson's shares experienced a positive surge, climbing 13% after the company reported better-than-expected earnings.