European Stocks Close Lower Ahead Of Crucial Economic Data

(RTTNews) - European stocks closed on a weak note on Tuesday as investors closely followed the political scene and digested some corporate news from the region, besides looking ahead to U.S. consumer income & spending data for clues about the outlook for Federal Reserve's monetary policy moves.

French President Emmanuel Macron warned that a victory for the far left or the far right in this month's snap election could spark "civil war."

Also, in a "Letter to the French" published on Monday, Macron has vowed to remain in office until May 2027 regardless of the outcome of the parliamentary elections on June 30 and July 7.

Elsewhere, the United Kingdom is heading to the polls on July 4 and investors are bracing for the most distorted election result in British history.

On a light day on the economic front, official data showed Spain's GDP grew 0.8% in the first quarter from the previous three-month period, up from an initial 0.7% reading released in April.

The pan European Stoxx ended down by 0.23%. The U.K.'s FTSE 100 ended lower by 0.41% and Germany's DAX lost 0.81%. France's CAC 40 and Switzerland's SMI both drifted down 0.58%.

Among other markets in Europe, Austria, Belgium, Finland, Greece, Iceland, Norway, Portugal, Russia, Spain, Sweden and Turkiye ended weak.

Denmark and Poland closed higher, while Netherlands ended flat.

In the UK market, Burberry Group and Convatec Group ended lower by 4.5% and 4.1%, respectively. BT Group, Rightmove, Marks & Spencer, WPP, Weir Group, Ashtead Group, Melrose Industries, Vodafone Group, JD Sports Fashion, IMI and Howden Joinery closed lower by 2 to 3.5%.

Admiral Group, Easyjet, Smith (DS) and Sage Group gained 1.3 to 2.25%. Anglo American Plc, National Grid, AstraZeneca and Whitbread also closed higher.

In the German market, Merck lost nearly 6% after the diversified group discontinued a late-stage trial for a cancer drug.

MTU Aero Engines, Sartorius, Continental, Bayer, Fresenius Medical Care, Puma, HeidelbergCement, Brenntag, Qiagen, Deutsche Bank and Adidas ended sharply lower.

Zalando, SAP, Covestro and Porsche gained 1 to 1.5%.

In the French market, Airbus Group shares tanked more than 9%. The aerospace group cut its financial targets for 2024 and also announced fresh charges of around 900 million euros, citing supply chain issues and additional costs in its space systems division.

Safran ended down by about 3.2%. Thales, STMicroElectronics, Bouygues, Teleperformance, Michelin, Veolia, Vinci, L'Oreal, Societe Generale, Danone, BNP Paribas, ArcelorMittal, Orange and Credit Agricole lost 1 to 2%.

Eurofins Scientific rallied about 4%. LVMH, Hermes International, Capgemini, Dassault Systemes and Air Liquide gained 1 to 1.5%.