European shares dropped for the first time in six sessions on Tuesday, led by banking and energy shares, as crude oil prices continued to trade near a six-month low.
STOXX Europe 600 (NYSE:STXX) slipped 0.4% to 397.72 points, led by energy shares amid expectations Iran is very close to boosting its oil exports in the middle of an oil market flooded with more than needed production.
On the upside, mining sector shares saw some advance with recovery in gold prices, following the sharp losses incurred last week.
Greece expects to reach a deal regarding its third bailout worth 86 billion euros by August 16, two days before a debt installment maturing to the European Central bank.
Germany’s DAX fell 0.28 percent, France’s CAC-40 slumped 0.63 percent and Athens general index plunged 1.37 percent.
It is worthwhile to mention that Athens index witnessed a drop for a second straight day, after it was reopened on Monday following a five-week closure.
Britain’s FTSE was down 0.20 percent to 6675.11, after a report showing UK PMI construction retreated to 57.1 in July from 58.1 in June, lower than analysts’ forecasts of 58.6.