European markets open lower as political concerns weigh
European bourses open lower Tuesday, as investors shift their attention to political events going on in Europe and overseas.
The pan-European Stoxx 600 was percent 0.35 lower with most sectors moving south.
Investors in Europe are keeping a close eye on the political sphere as concerns over a Greek bailout and when Italy will undergo its next election weigh on sentiment.
The euro was under pressure after ECB President Mario Draghi signaled that it is still too early to consider ending monetary stimulus. Furthermore, Greece’s finance minister said Monday that its creditors have to reach an agreement on debt relief measures at a meeting next month, to support the nation’s return to bond markets; Reuters reported.
Meanwhile, former Italian Prime Minister Matteo Renzi said over the weekend that it seemed appropriate – from a European point of view – for the nation to hold its next election at the same time as Germany, with the latter set to take place in September 2017.
With just over a week until the U.K. general election, sterling is also under the radar for investors to see if there are any developments in the run-up to the vote.
On Monday, British Prime Minister Theresa May and opposition leader Jeremy Corbyn outlined their proposals on a Brexit deal, with May reiterating comments that no deal with the EU is better than a bad deal, while Corbyn ensured a deal would happen if Labour won the election.
Investors will be watching Ryanair at the open, after it reported its latest set of earnings.
In terms of data, economic sentiment and business confidence data for the euro zone are also slated to come out in morning trade.
Source: CNBC
