Major banks and insurers, especially in Paris, extended yesterday's pullback
European Stocks Inch Lower
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European stocks closed slightly lower on Tuesday, extending losses from the previous session as markets continue assessing how political turmoil in France could hamper the fiscal backdrop in the Eurozone.
French President Macron gave outgoing Prime Minister Lecornu 48 hours to negotiate with political parties in shortly after resigning, as political parties remained against spending cuts in the country's budget.
Major banks and insurers, especially in Paris, extended yesterday's pullback with BNP Paribas, AXA, ING, and Santander dropping between 3% and 1%.
On the other hand, luxury brands recouped yesterday's losses with LVMH adding 3.4% and Kering soaring 6% after Morgan Stanley upgraded its rating on both companies to “overweight” from “equal weight".
Shell gained 1.4% after announcing that trading in its gas division is expected to be “significantly higher” in Q3 compared with Q2.
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