Europe Stocks Lower After German ZEW Data

European stock markets held on to losses in midmorning action on Tuesday after German investor confidence data missed expectations.

The Stoxx Europe 600 index  fell 0.2% to 296.67, after closing at the highest level since early June on Monday.

Share of Telecom Italia SpA  lost 3.4% after the firm said late the prior day it has put plans to spin off its fixed-line copper network on hold.

On a more upbeat note, shares of Rio Tinto PLC    gained 2.6% after the heavyweight miner posted record output of iron ore in the second quarter. Additionally, it said its recovery from a landslide at a major copper mine in the U.S. is faster than expected.

For the broader European markets, investors digested the latest take on German investor confidence, with the ZEW economic sentiment indicator dropping to 36.3 points in July from 38.5 in June. The index, which measures investors’ expectations for the upcoming six months, was forecast to rise to 39.4, according to FactSet.

Germany’s DAX 30 index  traded 0.2% lower at 8,216.41 after the release.

Shares of Deutsche Lufthansa AG  climbed 1.6% after Goldman Sachs lifted the airline to neutral from sell and removed it from the pan-Europe sell list.

In France, shares of Peugeot SA  gave up 0.5% after data showed new car registrations for the auto maker dropped 11% in June. For the European Union in total, new car registrations for all car makers fell 5.6%.

The CAC 40 index  lost 0.3% to 3,865.40.

In the U.K., the FTSE 100 index rose 0.2% to 6,600.25, buoyed by miners.

Source : Marketwatch