Europe markets extended losses on Tuesday, following U.S. stocks downwards, with investors reacting to corporate earnings and concerns that Greece is finally about to default on its loan repayments.
London's FTSE 100 index closed around 1.2 percent lower, with banking stocks, miners and oil majors coming under pressure. Notably, gold and silver miner Fresnillo slipped close to 4 percent, to the bottom of the index.
Irish airline Ryanair hung onto gains, climbing up around 5.4 percent after the company reported a 66 percent jump in profits on Tuesday for its full year.
The result also helped rivals like easyJet to rally on Tuesday.
At the bottom of benchmarks, shares of Italian lender BMPS tanked nearly1 7 percent on the second day of a planned capital increase.
U.S. stocks traded lower on Tuesday as investors eyed renewed strength in the U.S. dollar and mixed data following the Memorial Day holiday.
The Dow Jones industrial average traded about 200 points lower after falling more than 100 points soon after the open.
Gains in Europe were also capped by events in Greece, which is locked in talks over a disputed aid-for-reforms deal with its international bailout supervisors. Key sticking points in negotiations are pensions and sales tax.
The country needs urgent aid to repay a loan due next week to the International Monetary Fund and to pay wages and pensions, its government said on Monday. The Greek finance ministry will hold a teleconference with European officials on Tuesday evening.
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