European Shares Subdued With Focus On Geopolitical Tensions

(RTTNews) - European stocks were subdued on Tuesday, as investors kept a wary eye on rising geopolitical tensions and awaited Wednesday's key U.S. inflation print for clues on the Fed's next move.

The Russian bombardment of a Ukrainian power plant has sparked fears of a radioactive fallout in Europe.

Elsewhere, Taiwan's foreign minister said earlier today that China has used the drills in its military playbook to prepare for the invasion of Taiwan.

The pan- European Stoxx 600 was down 0.2 percent at 438 after gaining 0.7 percent on Monday.

The German DAX dipped 0.4 percent and France's CAC 40 was marginally lower, while the U.K.'s FTSE 100 was up 0.1 percent after data showed retail sales rebounded unexpectedly in July.

Like-for-like sales increased 1.6 percent on a yearly basis in July, in contrast to the expected fall of 1.5 percent, as hot weather boosted demand for summer clothing and electric fans, data compiled by the British Retail Consortium and the advisory services firm KPMG, showed. Sales were down 1.3 percent in June.

Miners traded mostly lower while energy stocks edged higher after crude prices rose around 2 percent in the U.S. trading session overnight. BP Plc and Shell both rose nearly 1 percent.

InterContinental Hotels fell 1.3 percent. The hospitality company announced a new $500 million share buyback program and resumed interim dividend after reporting soaring half-year profits.

Danish brewer Carlsberg rose half a percent after raising its 2022 earnings forecast. Swiss duty-free retailer Dufry rallied 3.5 percent after reporting strong first-half results.

Sanofi shares fell 1.3 percent. The French drug maker said that it was pausing recruitment globally in studies of its oral drug tolebrutinib following recommendation by an independent data monitoring committee (iDMC).

German automotive parts manufacturer Continental AG fell about 1 percent after it swung to a loss in the second quarter.

Munich Re gained 1.4 percent. The reinsurer kept its annual target unchanged after profit and premiums in the second quarter beat expectations.

Wacker Neuson shares declined 2.3 percent. The maker of construction equipment and machines posted a decline in earnings for the first-half amidst persisting supply chain strains and high costs for materials, energy and shipping.