Europe midday: Shares lower on weak oil price, German employment data

(Sharecast News) - European shares were lower on Tuesday, after a weaker session in Asia as investors awaited a European central bank interest rate decision later in the week and eyed the results of India's general election. The pan-regional Stoxx 600 index was down 0.7% to 516 in early deals with all major bourses lower.

In India, there was a sharp equities sell-off as early vote counting trends suggested Prime Minister Narendra Modi's BJP-led alliance was likely to fall short of the landslide projected by exit polls. India's BSE index was down 7.32%.

Oil prices also slid, with Brent crude down 1.34% to under $78 per barrel as prices crashed to four-month lows on Monday after Opec+ nations revealed they would gradually phase out production cuts after September. West Texas Intermediate was 1.6% lower at $73 a barrel.

Oil majors BP, Shell, Eni, TotalEnergies, Equinor and Aker BP all declining on the news.

Germany's DAX index fell 1.17% after official date revealed the number of people out of work in Europe's biggest economy rose more than expected in May.

The number of unemployed grew by 25,000 in seasonally adjusted terms. Analysts had expected that figure to rise by 10,000. The seasonally adjusted jobless rate remained unchanged at 5.9%.

On the equities front, British American Tobacco fell as the cigarette maker reported first-half underlying revenues and adjusted profits falling by low-single digits.

Deutsche Telekom fell as the company said it would raise its buyback volume after the German state lender KfW announced a €2.7bn stake sale on Monday.

Maersk rose as the Danish shipping group raised full-year profit guidance on the back of strong container market demand and higher freight rates on disruptions in the Red Sea.

Tritax Eurobox shares were up as Brookfield Asset Management said it was considering a cash bid for the logistics fund which owns warehouses and distribution centres in the Benelux region and Germany.

Online grocer Ocado slumped as it looked set to exit Britain's FTSE 100 index.

Reporting by Frank Prenesti for Sharecast.com