European markets opened lower Tuesday as investors look ahead to more key economic data this week, including U.S. inflation figures out Wednesday.

The Stoxx 600 index was down 0.2% in early deals as most sectors fell into the red after solid gains on Monday. Travel stocks led losses, down 0.5%, as mining stocks rose 0.7%.

BP shares rose to their highest level since October after the oil major said it expected higher upstream production in oil and gas in the first quarter. Struggling French IT consultancy Atos rose 5% before slipping to a 1.6% loss after detailing its refinancing framework.

Markets continue to see a roughly 50% chance of a cut in March, according to CME's FedWatch tool, although Minneapolis Fed President Neel Kashkari last week raised the possibility of zero rate cuts this year if inflation remains sticky.

BP shares rose 1.3% in early trade, hitting the highest level since October after the oil major said it expects higher upstream production in the first quarter across oil and gas.

Distressed French IT consultancy Atos on Tuesday announced a series of requirements as it restructures its debt, including 600 million euros ($651 million) in cash to fund operations over the next two years.

This will be raised through debt and equity from existing stakeholders or third-party investors, it said.

It is targeting a BB credit profile by 2026, and its remaining debt maturities have been extended by five years.

The company is set to run cybersecurity operations at the Paris Olympics and also has contracts with the French secret service. French authorities have already said they will protect the firm's strategic assets after a series of setbacks.

Atos shares climbed 19% Monday after leading shareholder Onepoint said Paris-based investment firm Butler Industries was joining its rescue consortium.

Source: CNBC