European markets close lower; oil prices drop after OPEC+ talks abandoned
European stocks closed lower on Tuesday, with investors keeping a close eye on oil markets after talks between members of the OPEC+ oil-producing alliance were abandoned.
The pan-European Stoxx 600 ended the session down 0.5%, having fluctuated between gains and losses earlier in the day. Basic resources shares were the worst performers, falling 2.9%.
Stateside, U.S. stocks traded lower Tuesday as Wall Street kicked off a holiday-shortened week.
Oil prices remained in focus, having surged to multiyear highs on Monday, after talks between OPEC and its oil-producing allies, a group known as OPEC+, were postponed indefinitely following a failure by the group to agree on production policy.
Brent crude dropped 3.3% to $74.58 per barrel, while U.S. crude futures declined 2.2% to $73.50.
German industrial orders unexpectedly slumped in May, official data showed Tuesday, dropping 3.7% on the month to mark their sharpest decline since the first Covid lockdown of 2020. A Reuters poll of economists had produced a consensus forecast of a 1% rise following an upwardly revised 1.2% increase in April.
The ZEW survey of German economic sentiment in Germany also hit its lowest since January, falling to 63.3 in July from 79.8 in June and coming in well short of a consensus forecast of 75.2.
However, euro zone retail sales rose by more than expected in May after a pullback in April, Eurostat figures revealed Tuesday. Sales across the 19 member countries increased 4.6% month-on-month, outstripping a Reuters forecast of 4.4%.
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