LONDON — European stocks closed lower on Tuesday, reversing positive sentiment seen at the start of the new trading month.
The pan-European Stoxx 600 provisionally ended the trading session around 0.4% lower, with most sectors notching losses. Among major bourses, Germany's DAX index led moves lower, provisionally closing down 0.8%.
It marked a reversal from Monday's session, which saw European stocks open the new trading week — and month — on a positive note ahead of a busy week of central bank decisions and earnings.
Elsewhere, the yield on the U.K.'s benchmark 10-year government bonds, also known as gilts, fell by 2 basis points to reach 4.419% after Finance Minister Rachel Reeves said in a speech that the government would act on "hard choices" ahead of the Nov. 26 budget.
The British pound was last seen down 0.7% against the U.S. dollar at around $1.31.
Looking at individual stocks, Orsted's shares ended Tuesday's session around 1.8% lower after the Danish renewables giant agreed to sell a 50% stake in its Hornsea 3 offshore wind farm in the U.K. to Apollo Global Management in a deal worth $6 billion.
In earnings news, BP's shares moved 1.3% higher after the oil and gas company reported an underlying replacement cost profit of $2.21 billion for the third quarter. The number — a measure of the London-listed company's net profit — beat analyst expectations.
Elsewhere, Philips advanced 3.3% after it reported 4.3 billion euros ($5 billion) in group revenues during the third quarter, down from 4.34 billion euros a year earlier. The Dutch health technology company's net income for the three-month period reached 187 million euros.
Novo Nordisk's shares ended the session little changed, after the company hiked its acquisition offer for U.S. biotech firm Metsera in the latest development in its bidding war with Pfizer.