Europe Stocks Lower, Pressured By Oil Majors

European stock markets pushed lower at the open on Tuesday, pressured by losses for oil majors, with banks also weak. The Stoxx Europe 600 index fell 0.4% to 273.93, with BP PLC down nearly 2% and Statoil ASA off 0.8%.

Crude-oil prices for October delivery fell nearly 30 cents to $96.32 a barrel, after closing down over $2 on talk of a possible Strategic Petroleum Reserve release. The FTSE 100 index fell 0.5% to 5,862.16, while the German DAX 30 index fell 0.6% to 7,359.76 and the French CAC 40 index slipped 0.5% to 3,735.80.

Shares of Akzo Nobel NV fell nearly 5%. The company said its Chief Executive Officer Ton Buechner will be taking a temporary leave of absence owing to a medical condition. Shares of Aviva PLC fell 4.7% after a broker downgrade.

Marketwatch