stocks, news, data, earnings, Powell comments

LONDON — European stocks closed lower Tuesday, bucking the trend across the Atlantic, as investors assessed the economic and political outlook in the region and beyond.

The pan-European Stoxx 600 provisionally closed 0.21% lower, pulling back from larger losses earlier in the session. Mining stocks fell 1.6% as travel gained 0.5%.

In the U.S. the Dow Jones Industrial Average hit new highs Tuesday on hopes of nearing interest rate cuts. The Dow surged by 547 points, or 1.3%, the S&P 500 added 0.3%, while the Nasdaq Composite was flat.

In Europe, it was a bad day for fashion houses, however, as Germany’s Hugo Boss plunged 7.5% after the company cut its full-year sales outlook, amid “persistent macroeconomic and geopolitical challenges.” The U.K.’s Burberry meanwhile lost 5.2%, a day after issuing a profit warning on weak luxury demand.

Sweden’s Swedbank fell 1.3% after it reported a fall in second-quarter net profits.

Ocado jumped as much as 18.5%, before paring gains to end around 6% higher, after the British online grocer reported a lower first-half loss and raised its full-year guidance.