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The European stock market is trading lower on Tuesday. The STOXX Europe 600 Index fell by 0.11%, the UK FTSE 100 went down by 0.2%, the French CAC 40 declined by 0.1%, Germany's DAX lost 0.18%, Italy's FTSE MIB slid by 0.3%, and the Spanish IBEX 35 decreased by 0.23%.
In the STOXX Europe 600 Index, the biggest gains were posted by Vistry which added 5.7%. The reports showed that the company's revenue grew by 83%, exceeding analysts' expectations.
Also, shares of the German company Deutsche Telekom AG rose by 1.1%. The company announced an upcoming sale of its T-Mobile Netherlands Holding B.V. and the agreed deal with the Japanese company SoftBank Group Corp.
ArcelorMittal went up by 2.05% on rising steel prices driven by some uncertainty in the market.
The largest drop was demonstrated by the shares of the Norwegian company Scatec ASA. They fell by 3%. FirstGroup shares lost 0.2%. The company is expected to launch electric trains on the London-Edinburgh route.
In general, the global spread of COVID-19 remains the main reason for concern as the pandemic still weighs on the global economy.
According to the recent data, industrial production in Germany increased by 1% in July, while analysts expected the growth of 0.9%. On an annual basis, the output rose by 5.7%. Meanwhile, the production of capital goods increased by 3.2%, intermediate goods declined by 0.5%, and consumer goods was higher by 0.9%. Construction output was 1.1% higher although energy production went down by 3.2%.
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