Investing.com - European stocks opened lower on Tuesday, as investors remained cautious ahead of the Federal Reserve’s monthly policy statement due on Wednesday.
During European morning trade, the EURO STOXX 50 retreated 0.79%, France’s CAC 40 dropped 0.85%, while Germany’s DAX 30 declined 0.81%.
European stocks rallied after the European Central Bank cut its benchmark interest rate to a record-low of zero from 0.05% and boosted its quantitative easing program by €20 billion per month to €80 billion, starting in April.
Market participants were now eyeing the Federal Reserve’s highly-anticipated policy statement due on Wednesday, for hints on future rate hikes.
Investors also continued to focus on the oil market as prices pulled back from three-month highs after Iranian Oil Minister Bijan Zanganeh said on Monday that his country won't join a group production freeze until it doubles its post-sanctions output.
Energy stocks were hit, as French oil and gas major Total SA (PA:TOTF) lost 1.18% and Italy’s ENI (MI:ENI) dropped 0.97%, while Norwegian rival Statoil ASA (OL:STL) tumbled 1.38%.
Financial stocks were also broadly lower, as French lenders Societe Generale (PA:SOGN) and BNP Paribas (PA:BNPP) retreated 0.90% and 1.42%, while Germany’s Deutsche Bank (DE:DBKGn) and Commerzbank (DE:CBKG) declined 0.94% and 0.92%.
Among peripheral lenders, Italy’s Unicredit (MI:CRDI) and Intesa Sanpaolo (MI:ISP) lost 0.82% and 0.45% respectively, while Spanish banks BBVA (MC:BBVA) and Banco Santander (MC:SAN) tumbled 1.15% and 0.95%.
Elsewhere, Aryzta AG (SIX:ARYN) plummeted 1.90% after the Swiss food business said revenue missed its own forecasts and growth will be erratic over the next 18 months.
In London, commodity-heavy FTSE 100 slid 0.68%, led by losses in the mining and energy sectors.
Mining companies Glencore (LON:GLEN) and Bhp Billiton (LON:BLT) plunged 4.90% and 5.17% respectively, while Anglo American (LON:AAL) and Antofagasta (LON:ANTO) dove 6.28% and 7.76%.
Earlier Tuesday, Antofagasta said full-year pre-tax profit in 2015 dropped by 82.9% to $259.4 million and cancelled its final dividend.
Meanwhile, shares in oil and gas giant BP (LON:BP) tumbled 1.09%, while rival group Royal Dutch Shell (LON:RDSa) declined 0.72%.
Financial stocks added to losses, as HSBC Holdings (LON:HSBA) slid 0.44% and Barclays (LON:BARC) declined 0.61%, while Lloyds Banking (LON:LLOY) retreated 0.90%.
The Royal Bank of Scotland (LON:RBS) overperformed, with shares rallying 1.56% after the lender cut 550 jobs and replaced some face-to-face advisers with an automated system in a move to reduce costs.
In the U.S., equity markets pointed to a lower open. The Dow Jones Industrial Average futures pointed to a 0.42% loss, S&P 500 futures a 0.52% decline, while the Nasdaq 100 futures indicated a 0.57% drop.