European stocks flat after German IFO

FXStreet (Córdoba) - European stocks retreated and were little changed after a positive opening Tuesday, as German business confidence fell to the lowest level this year.

The Stoxx Europe 600 was up 0.07% at 346.54, after falling 0.5% the previous day weighed by lower-than-expected Eurozone PMIs. Among country indexes, UK FTSE 100 dipped 0.02%. Germany's DAX 30 rose 0.17% and France’s CAC 40 gained 0.31%. Spain’s Ibex 35 was up 0.03% while Italy’s FTSE MIB was down 0.04%.

The German IFO survey showed Business Climate deteriorated more than expected in June. The index fell to 109.7 from 110.4 the previous month, missing expectations of 110.2. This was the tenth decline in a row.

In the FX market, majors were little changed within familiar ranges in a quiet session, although the EUR/USD managed to advance to a high of 1.3615 despite IFO data.

As for commodities, gold rose slightly to $1319 an ounce, while crude oil dropped 0.51% to $105.63 a barrel.