European stocks opened lower Tuesday as investors assess the economic and political outlook in the region and beyond.
The pan-European Stoxx 600 was down 0.5% as all sectors and major bourses traded in the red. Mining stocks led losses, down 0.97%, while autos also sank 0.9%.
Shares of German fashion house Hugo Boss plunged more than 10% after the company cut its full-year sales outlook, amid “persistent macroeconomic and geopolitical challenges.” Burberry share also traded 3.3% lower, a day after issuing a profit warning on weak luxury demand.
Meanwhile, Ocado jumped 18.5% after the British online grocer reported a lower first half loss and raised its full-year guidance.
Global markets are digesting dovish comments from U.S. Federal Reserve Chair Jerome Powell in which he said the central bank will not wait until inflation hits 2% to cut interest rates, as the Fed’s policy works with “long and variable lags.”
Source: CNBC
