Major European Markets Close Weak Again

(RTTNews) - Major European markets failed to hold gains and closed slightly weak on Tuesday as investors largely stayed cautious and chose to lighten commitments ahead of quarterly earnings updates.

Concerns about the likely impact of tighter monetary policy continued to weigh.

The Reserve Bank of Australia held rates steady earlier today, with Governor Philip Lowe saying that inflation had 'passed its peak'.

The pan European Stoxx 600 edged up 0.07%. The U.K.'s FTSE 100 ended 0.1% down, Germany's DAX drifted down 0.26% and France's CAC 40 ended lower by 0.23%, while Switzerland's SMI edged down 0.02%.

Other markets in Europe ended on a mixed note. Austria, Belgium, Denmark, Greece, Iceland, Netherlands, Norway and Russia ended higher.

Ireland, Poland, Portugal, Spain and Turkiye closed weak, while Czech Republic, Finland and Sweden ended flat.

In the UK market, Ocado Group climbed 2.3%. AstraZeneca and Segro both gained nearly 2%. Land Securities, RightMove, Unite Group, JD Sports Fashion and Mondi gained 1 to 2%.

IMI, Barclays, Sainsbury (J), Tesco, Natwest Group, CRH, Severn Trent, 3i Group and Compass Group ended lower by 1 to 2.3%.

In the German market, Covestro, MTU Aero Engines, Siemens Energy and HeidelbergCement lost 1.6 to 2%. Siemens, Mercedes-Benz, Henkel and Deutsche Bank ended lower by 1 to 2%.

Vonovia surged nearly 5%. Deutsche Post, Deutsche Boerse, Adidas, Sartorius and Puma gained 1 to 1.25%.

In Paris, Alstom ended nearly 3% down. Carrefour, Renault, Thales, Safran and Schneider Electric lost 1 to 2%.

WorldLine rallied more than 3.5% and Unibail Rodamco gained about 3%. Capgemini, Pernod Ricard, Vivendi and Publicis Groupe gained 1 to 1.5%.

Shares of supermarket Casino Guichard Perrachon soared more than 16% after receiving two offers to boost its equity base.

On the economic front, Germany's export fall unexpectedly in May, while imports increased after falling for two straight months, data from Destatis showed.

Exports decreased 0.1% on month in May, reversing a 1% gain in April. Shipments were forecast to grow 0.3%.

At the same time, imports rebounded 1.7% after a 0.1% drop. However, this was weaker than economists' forecast of 3.1%.

As a result, the trade surplus unexpectedly declined to EUR 14.4 billion from EUR 16.5 billion in April. The surplus was seen at EUR 17.5 billion.

On a yearly basis, the decline in exports deepened to 4% from 1.7%. Imports posted an annual fall of 10.6% following April's 11.2% decline.