European stocks close lower as EU-U.S. trade deal optimism wanes

Europe’s Stoxx 600 index erased earlier gains to close 0.23% lower as investors turned less positive over the details of the U.S.-EU trade deal.

Autos was among the worst-performing sectors, down 1.8%, as industry bosses warned that while manufacturers have regained some certainty, they will be left facing substantially higher costs.

Brewing giant Heineken dropped 8.45% after reporting lower beer sales in the first half and flagging “softening sentiment in Europe and the Americas.”

Oil and gas stocks meanwhile finished 1.16% higher on broader optimism over the global trade outlook, and as the EU pledged to increase its purchases of U.S. energy as part of the trade deal.

After a strong start to Monday trade, European markets have largely slipped into the red as some of the shine comes off Sunday’s announcement of a U.S.-EU trade deal.