European shares are set to edge lower at open Tuesday, extending yesterday's losses, as more signs of slowing economic growth got investors worried ahead of Friday's U.S. employment report.
Asian stocks fell sharply on Tuesday, led by Japanese shares, dragging the MSCI Asia Pacific index down by about 1.6%, as data showing a smaller-than-forecast gain in U.S. personal incomes spurred risk aversion, resulting in the strengthening of the yen. Japan's Nikkei average fell 3.55% on worries about the flagging U.S. economy.
In economic news, consumer sentiment in the United Kingdom rose unexpectedly in August, results of a survey showed today. The Consumer Confidence Index increased to minus 18 from minus 22 in July, market research group GfK NOP said. Economists had forecast a decline in the index to minus 24.
"Overall consumer confidence has been in constant decline for the last five months and a further fall would have made a double-dip recession seem a very real prospect," Nick Moon, managing director of GfK NOP Social Research said.
Unemployment and inflation data from the eurozone along with unemployment data from Germany and mortgage approvals statistics from the U.K. are due later in the day, headlining a busy day for European economic news.
On Wall Street, the major averages tumbled around 1.5% each on Monday, as continued uncertainty regarding the direction of the economy ahead of this week's August employment report prompted risk aversion. The major averages offset a majority of Friday's rally, pulling back down towards last week's more than one-month closing lows.
In domestic corporate news, high seas on the Gulf of Mexico forced BP Plc to delay operations of removing a sealing cap and blowout preventer at the well that unleashed he Deepwater Horizon oil spill by as long as three days.
Defense contractor BAE Systems Plc bagged a $629 million fixed-priced delivery contract from the U.S. Department of Defense.
U.K. pharmaceutical group AstraZeneca Plc said that the FDA has asked its biologics unit MedImmune for more data on its drug motavizumab, a monoclonal antibody being developed to help prevent serious respiratory syncytial virus diseases.
Industrial gases producer Air Liquide SA said it is investing around EUR60 million in new production units in the Middle East.
Endeavour International Corp. announced the signing of a definitive agreement to sell its Cygnus asset in the Southern Gas Basin of the United Kingdom sector of the North Sea to Bayerngas U.K. Ltd., the U.K. oil and gas unit of Bayergas Norge AS, for a cash consideration of $110 million.
HSBC Holdings Plc announced the completion of the sale of its remaining U.S. consumer finance auto loan run-off portfolio to Santander Consumer USA Inc.
European stocks closed mostly in the red Monday, as investors hesitated to add long positions and waited for more clues regarding the prospects of global economy. A holiday in Britain kept volumes thin. The German DAX index shed 0.65% and the French CAC 40 eased 0.58%, while the London market was closed for a bank holiday.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.