Global Market: European shares muted at open as investors track US-Iran talks, oil gains

European shares were subdued at the open on Tuesday as investors remained cautious ahead of potential developments in US-Iran talks, while oil prices rose after four consecutive sessions of losses.

The pan-European STOXX 600 was broadly flat at 642.32 points by 0710 GMT, according to Reuters, with most regional markets showing little movement.

Energy stocks gained 0.4%, tracking higher oil prices as investors monitored the possibility of US-Iran talks on the sidelines of the United Nations General Assembly this week. Oil markets were also taking into account signs that more supplies had moved through the Strait of Hormuz over the weekend.


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According to Reuters, developments around the strategic waterway and the prospect of diplomatic discussions were key factors shaping investor sentiment in energy markets.

Retail stocks were among the strongest performers, rising 1.3%. Kingfisher advanced after the European home improvement retailer raised its full-year profit guidance following a 9.9% increase in first-half profit.

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Insurance stocks moved in the opposite direction, falling about 1%, with ASR Nederland and AXA among the decliners.

Investors were also awaiting euro zone consumer confidence data due later on Tuesday, which could provide further clues about the health of the region's economy and consumer sentiment, according to Reuters.

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