European stocks experienced a slight decline on Tuesday as investors turned their attention to the upcoming European Central Bank (ECB) meeting on Thursday and the critical U.S. employment report scheduled for release on Friday, seeking direction from these key events.
In economic developments, Germany's unemployment rate remained steady in April, as per the labor force survey results published by Destatis earlier today. The unemployment rate held firm at an adjusted 3.2 percent for April. The number of unemployed fell by just 1,000, or 0.1 percent, totaling 1.42 million. Notably, the jobless rate increased to 3.2 percent from 3.1 percent a year ago.
Meanwhile, data indicated that U.K. retail sales experienced only moderate growth in May, despite a robust bank holiday weekend. The British Retail Consortium reported that total retail sales rose by 0.7 percent year-on-year, significantly lower than the 3.9 percent increase recorded during the same period last year.
The pan-European STOXX 600 index fell by 0.7 percent to 516.11, following a 0.3 percent gain on Monday. Germany's DAX decreased by 0.9 percent, France's CAC 40 dropped by 0.8 percent, and the U.K.'s FTSE 100 declined by 0.7 percent.
Oil majors BP, Shell, Eni, and TotalEnergies saw declines of 2-4 percent as oil prices extended losses from a four-month low, amid concerns about rising supply later this year.
Danish shipping group Maersk gained approximately 1 percent after upwardly revising its annual profit guidance.
British American Tobacco fell by 1.3 percent after the cigarette maker predicted a low-single-digit decline in first-half revenue and adjusted operating profit on an organic, constant currency basis.
Low-cost airline Wizz Air Holdings saw a 1 percent drop, despite reporting a 2.1 percent increase in passenger bookings and a slight rise in load factor for May.
Vistry Group shed 1 percent following the announcement that it had reached terms with Blackstone Real Estate and Regis Group to acquire a portfolio of new build homes with a gross development value of approximately 580 million pounds.
Credit Agricole SA shares declined by 1.3 percent after the French lender announced that its unit, Indosuez Wealth Management, had finalized the acquisition of Bank Degroof Petercam. The financial terms of the deal were not disclosed.
