European stocks lower in weak oil prices; concentrate on earnings and data

The pan-European Stoxx 600 was 0.33 percent lower with most sectors in negative territory.

Simple resources were the most notable losers in early on deals influenced by lower-than-anticipated retail sales and professional production figures in Tuesday.

The oil and gas sector followed closely, down by a lot more than 1.3 percent on weaker oil prices. Brent was lower by 0.9 percent trading at $61.64 a barrel and WTI fell 0.95 percent to $55.18 at about 08:10 London time. This was after a written report from the International Energy Company which projected lower essential oil demand for this year and the next.

Looking at individual stocks, Barratt Developments dropped slightly in early on trade after announcing a rise in total forward sales of 8.4 percent. The U.K. housebuilder as well said that it had been confident of delivering a good operating performance in the 2018 personal year.

The German rubber maker Lanxess fell practically 5 percent after reporting a third quarter net profit less than a year ago.

However, Airbus was among the most notable performers up by 3 percent after obtaining a 430 airplane order from Indigo Partners.

In other corporate news, Volkswagen said that tax authorities and prosecutors raided the offices of the company’s chief personal officer, head of HR, and chairman on Tuesday. Some files and pcs were seized, regarding to Reuters. Shares of the carmaker had been lower by 0.7 percent.

Read more on: http://www.cnbc.com/europe-news