European stocks closed sharply lower on Tuesday, pressured by aggressive losses in the financial sector as markets continued to assess the global interest rate outlook. The STOXX 50 fell 1.3% to 5,372, and the pan-European STOXX 600 fell 1.2% to 551.
Traders were cautious ahead of this week's key monetary policy decisions from the Fed and the Bank of England, as well as Sino-US trade talks, while US President Trump began his visit to the UK today. Data-wise, the ZEW Economic Sentiment Index for Germany surprisingly showed an uptick, while UK employment data continued to indicate a slowdown in the labor market.
Allianz, Santander, Intesa Sanpaolo, Munich Re, and Deutsche Boerse all fell nearly 2.5%, leading the decline in financial stocks. Meanwhile, L'Oreal fell nearly 3% after its stock was downgraded by Jeffries. Additionally, the luxury sector remains volatile as the market awaits insight into Armani's future following the death of its founder, who included directives about a possible sale in his will. (alg)
Source: Trading Economics
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