European stocks closed lower on Tuesday, with shares of Swedish gaming company "Embracer" declining after it issued a warning regarding its annual profits. The European "Stoxx 600" index closed down by 0.4%, with the retail sector index being the most affected. "Home Depot" revised its annual sales forecasts, anticipating a larger-than-expected decline in profits, while data indicated that retail sales in the United States in April rose by half the amount predicted by the market.
Economists in a survey conducted by "Reuters" expect the European Central Bank to raise interest rates by 25 basis points in both of its upcoming meetings, and many of them indicated that "interest rate hikes may continue in the future."
The Eurozone recorded an economic growth rate of 0.1% quarter-on-quarter in the first three months of the year, benefiting from an increase in employment and strong growth in exports, which contributed to the bloc’s trade surplus.
The automotive sector index fell by 0.9% after weak data from China fueled concerns of an economic slowdown.
