European markets slid further Tuesday despite euro zone growth figures coming in ahead of estimates.
European markets
The pan-European Stoxx 600 index closed down 0.2%, with the majority of sectors and all major indexes ending in the red. For the month of January, the index saw a gain of 6.72%
Basic resources stocks were the worst performing of the day, closing down 1.2%, while the food and beverage sector ended 0.9% higher. Banking stocks closed up 0.6% after UniCredit and UBS results beat estimates.
Data published in the morning showed the euro zone economy grew 0.1% in the last quarter of 2022. That was better than analyst estimates of a 0.1% contraction; though still represents a slowdown from 0.3% growth in the third quarter.
Separate data published Tuesday showed a surprise fall in German retail sales for December, painting a mixed mixture ahead of the European Central Bank's interest rate hike decision on Thursday. Markets have priced in 50 basis point hikes at this and its next meeting, but there is uncertainty over its next moves.
Markets also have an eye on the Federal Reserve's monetary policy decision Wednesday. Traders widely expect a 25 basis point increase, but will monitor commentary for clues about how much further the Fed intends to hike, or when it plans to cut rates.
In Asia, markets were mostly lower, while U.S. stock futures fell Tuesday.