European stocks turn negative ahead of ECB

The stocks on the European bourses snapped the previous rebound and turned negative as investors remain cautious ahead of the ECB monetary policy outcome.

The European markets also ignored upbeat close on their Asian counterparts, as mixed corporate earnings reports and subdued oil prices continue to weigh on the investors’ sentiments. The aviation sector stocks emerge the main laggard on the European indices.

While poor UK retail sales data released earlier on the day also collaborated to the downside in the stock markets. The UK’s retail volumes fell 0.9% in June m/m, while the annualized retail spending rose 4.3%. Markets had estimated a 0.3% dip on a monthly basis.

Currently, Germany's DAX 30 index drops -0.33% to 10,108, while the UK's FTSE index loses -0.48% to 6,697. Among other European indices, the French CAC 40 index declines -0.57% to 4,355, while the pan-European Euro Stoxx 50 index slides -0.57% to 2,951 points.