European Stocks Close Lower, Weighed Down by Energy Stocks

European stocks on Tuesday closed lower , weighed down by energy stocks and as inflation data showed annual inflation accelerating in 14 European Union (EU) countries over the past month. The Stoxx 600 index ended trading down 0.5 percent, erasing gains made earlier in the session and retreating from a three-week high it hit earlier in the session. The British FTSE fell 1 percent to 8,273 points, the German DAX index fell 0.35 percent to close at 18,357 points, while the French CAC 40 lost 0.2 percent to 7,485 points. Swedish stocks also fell 0.5 percent, ending a five-day winning streak. An early drop in oil prices sent the energy sector down 2 percent to its lowest level in more than a week, although commodity prices gradually rose during the day. Source: Qatar News Agency