European stocks decline on poor earnings results

After a mixed closed on the European markets a day before, the region’s equities fell on Tuesday as resource and mining sector stocks declined on downbeat corporate earnings report. Rio Tinto Group dropped 4.1 percent, leading miners lower, after a weaker-than-expected increase in its quarterly iron ore production.

More so, steep losses in the auto and engineering sector indices also added to the bearish momentum in the European stocks. Meanwhile, a sharp deterioration seen in the German business morale outweighed upbeat UK CPI data and therefore, kept the equities in sea of red.

Currently, Germany's DAX 30 index drops -1.28% to 9,934, while the UK's FTSE index falls -0.44% to 6,666. Among other European indices, the French CAC 40 index dives -1.13% to 4,309, while the pan-European Euro Stoxx 50 index slips -1.33% to 2,913 points.