European stocks slip lower; weakness in US, Asia weighs

Investing.com - European stock markets retreated Tuesday, tracking overnight weakness on Wall Street as investors reassessed the path of US interest rates as well as the Middle East conflict and regional economic weakness.Investors have also been disappointed by the return of Chinese markets after the mainland's week-long holiday, as sharp gains were quickly pared back as the lack of concrete stimulus measures by Beijing policymakers disappointed.

Before the Golden Week holiday, the Chinese government had rolled out a string of stimulus measures, including interest rate cuts, and investors had hoped for more earlier Tuesday.That said, this figure was still down 2.5% on an annual basis, and followed data released on Monday showing German factory orders slumped 5.8% on the month and eurozone retail sales gained only 0.2% on a monthly basis in August.

Bundesbank President Joachim Nagel said Monday that he is open to considering another ECB interest rate cut at its meeting next week, as German economic growth in the second half would be weaker than expected.Oil prices fell Tuesday as traders banked some profits following a strong rally on the back of concerns that an all-out war in the Middle East will hit supplies from the oil-rich region.

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