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European Markets: European shares misplaced virtually all of Monday's rally after Wall Road's tough restart

EasyJet aircraft stand behind a parking lot at Stansted Airport on June 30, 2020 in Stansted, England.

Dan Kitwood / Getty Images

European stocks reversed in a brief rally on Tuesday as US markets closed on the sale of more technology stocks.

The Stoxx Europe 600 gained 1.7% while US markets were closed for the holidays on Monday
SXXP,
-1.14%
ended up 1.2% lower. Those who rejected it included the oil services company TechnipFMC, the communications company Altice Europe and the Bank of Ireland.

The German DAX
DAX,
-0.90%,
French CAC 40
PX1,
-1.60%
and UK FTSE 100
UKX,
-0.18%
slipped.

Tech stocks were re-sold in the US on Tuesday, led by a reversal in Tesla after the automaker was not admitted to the S&P 500. The renewed discussion by US President Donald Trump about the "decoupling" of US President Donald Trump caused further concern about the markets.

"European equity markets are in the red this afternoon as continued weakness in US markets and mounting tensions between the Trump administration and China have hurt confidence," said David Madden, market analyst at CMC Markets UK. "The weakness we saw with big US tech names last week is still in play, and that's what drives the mood here."

EasyJet
EZJ,
-5.18%
down 6% as the airline said additional quarantine restrictions on seven Greek islands will mean it will fly "a little less than 40%" of its scheduled flight schedule in the current quarter.

Electricite de France
EDF,
-7.80%
fell after the announcement of a convertible bond in the amount of 2.4 billion euros, the largest convertible bond of all time.

JD sportswear
JD,
+ 8.69%
up 9% as the sporting goods retailer said it was "generally fueled by our performance since we reopened stores and our performance in the first few weeks of the second half of the year," which began August 1.

Royal Mail
RMG,
+ 25.37%
rose 24% as the group's statement ahead of its AGM highlighted the ongoing shift towards delivering parcels instead of mail.

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