Equity markets in Europe started Tuesday's session slightly lower as investors monitored a number of geopolitical issues and looked ahead to a new earnings season.
The pan-European Stoxx 600 was marginally lower, following a four-day holiday, with most sectors in the red. Construction and materials led the losses in early deals.
Oil and gas stocks surged by over 1.4% on the back of the news that the U.S. will end all waivers on sanctions against Iranian oil imports. This has driven oil prices higher with the commodity nearing 2019 highs on Tuesday.
Looking at individual stocks, Umicore dropped more than 14% in early deals. The Belgian materials tech and recycling company downgraded its revenue and earnings forecast for 2020.
The French retailer Casino announced Tuesday that it is expanding its partnership with Amazon, allowing it to sell via the e-commerce platform. Shares of Casino were marginally lower.
Meanwhile, shares of Thomas Cook jumped about 15% after reports that the firm has been approached for a possible takeover, Sky News reported.