RTTNews - The European markets fell for the fourth day on Tuesday, as energy stocks slumped after crude oil prices tumbled and traders remained worried about the pace of global economic recovery.
In economic news, a report released by Germany's Federal Ministry of Economics and Technology showed that Germany's factory orders recorded a monthly growth of 4.4% in May, much larger than the expected increase of 0.5% and April's 0.1% rise. The 4.4% growth rate was the largest since June 2007.
Crude for August delivery fell $1.40 to $62.65 a barrel on the New York Mercantile Exchange, by the time the European markets closed, as doubt about the pace of economic recovery persisted.
The FTSEurofirst 300 index of pan-European blue chips closed 0.80% lower at 826.36 points, while the narrower DJ Stoxx 50 index fell 0.72% to 2,040.71 points.
Around Europe, the U.K.'s FTSE 100 index fell 0.19% to 4,187.00, while France's CAC 40 index slipped 1.09% to 3,048.57 and Germany's DAX index dropped 1.15% to 4,598.19.
Oil stocks lost ground after crude oil prices fell for the fifth straight day. Repsol, Spain's biggest oil producer, slipped 1.6% and Eni, Italy's biggest oil company, dropped 2.4% and Total, Europe's third biggest oil company, declined 1.2%.
Air France, Europe's largest airline, dropped 2.9% after the airline reported a 6.4% decline in passenger traffic for June.
Associated British Foods lost 1.8% after Bank of America downgraded the stock to underperform from neutral.
Alcoa Inc. will kick off the second quarter U.S. earnings season tomorrow as the first company in the Dow Jones Industrial Average to report financial results.
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