European Shares Set to Open Lower, Oil Stays High

European shares were set to open the second half of the year slightly lower on Tuesday, weighed by high oil prices and the threat of stagflation.

Bookmakers expected Britain's FTSE to open down 5-7 points, Germany's DAX down 3-10 points, and France's CAC down 1-10 points.

With the corporate diary thin, investor focus will be on manufacturing PMI data out of the eurozone and U.S. ISM manufacturing data.