EUROPEAN stocks finished lower on Tuesday as Wall Street took a beating from a drop in the US trade deficit which fuelled fears the Federal Reserve's stimulus program may soon be wound up, dealers said.
London's FTSE 100 index of leading shares slipped 0.23 per cent to end at 6,604.21 points, weighed down also by heavyweight miners retreated in value, which offset news of a strong rebound for British manufacturing.
Frankfurt's DAX 30 lost 1.17 per cent to 8,299.73 points despite the release of official data showing that German industrial orders had risen by 3.8 per cent in June.
In Paris, the CAC 40 finished 0.43 per cent lower at 4,032.57 points.
"Despite the economic backdrop continuing to brighten, investors appear reluctant to drive share prices significantly higher, on the basis of uncertainty about the timing or otherwise of continued central bank stimulus measures," said CMC Markets UK analyst Michael Hewson.
The euro climbed to $1.3306 from $1.3255 late in New York on Monday. The dollar eased to 98.16 yen from 98.22 yen.
Sterling retreated against the European single currency, coming in at 86.77 pence against a euro, while it advanced to $1.5371 from $1.5352 on Monday.
Britain's manufacturing output rebounded with a bang in June, official data showed, providing further evidence of the country's broad-based economic recovery.
Output jumped 1.9 per cent in June from May, when it had fallen by 0.7 per cent, the Office for National Statistics (ONS) said in a statement.
Traders also digested further earnings updates, which along with improving European and US economic data, have helped to lift stock markets over the past month.
The DAX and CAC indices have each rallied by about 8.0 per cent in value since the start of July.
On Tuesday, shares in InterContinental Hotels Group (IHG) jumped 6.4 per cent to 2,030 pence after the company announced a 25-per cent increase in first-half net profits thanks to a strong showing by its American operations.
Profit after tax jumped to $US340 million ($A381.98 million) in the six months to the end of June compared with net earnings of $US271 million in the first half of 2012, said the company that owns the InterContinental, Crowne Plaza and Holiday Inn hotel chains.
IHG added that it would pay shareholders a special dividend totalling $US350 million.
In France, shares in Credit Agricole fell 0.93 per cent to 7.77 euros in an overall lower market despite the bank, free of big millstones in Greece and Italy, having said its second-quarter net profit jumped to 696 million euros compared with 111 million euros in the same period of last year.
US stocks traded lower in the face of fresh data showing an improving US trade balance - seen as more evidence that the Federal Reserve's $US85 billion a month stimulus program could be scaled back in the coming months.
In noon trading, the Dow Jones Industrial Average was down 0.68 per cent to 15,506.53 points.
The broad-based S&P 500 fell 0.59 per cent to 1,697.06, while the tech-rich Nasdaq Composite shed 0.77 per cent to 3,664.43.
The Commerce Department's trade data for June showed a narrowing trade deficit, which analysts said points to a likely upward revision to the growth estimate for the quarter, and firm growth in the current quarter.
Asian stock markets closed mixed on Tuesday as investor concerns lingered over a potential tapering of US monetary stimulus, analysts said.
Elsewhere on Tuesday, the price of gold slipped to $1,280.50 an ounce on the London Bullion Market from $1,304.75 on Monday.
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