European markets closed down for the fourth day, paring earlier gains.
Oil fell sharply after the International Energy agency today warned that global demand for oil was growing slower than it previously thought. The Paris-based agency cut its forecast demand increase for 2016 by 100,000 barrels a day to 1.3 million barrels, and its 2017 growth forecast by 200,000 barrels per day to 1.2 million barrels.
West Texas Intermediate recently lost 3% to $45.24 and Brent Crude was down 2.42% at $47.15 a barrel.
A raft of price data from the U.K. on Tuesday included news that the headline inflation rate had unexpectedly held steady at 0.6% in August, defying expectations for a small uptick.
The pound fell after inflation came in below expectations. The pound was recently down 1.15% against the dollar at $1.3183.
In London, the FTSE 100 closed 0.53% down at 6,665.63.
U.K. online grocer Ocado (OCDDY) closed 13.99% down after it warned that a growing price war between supermarkets is eating into profit margins. The company is also feeling pressure fromAmazon (AMZN) - Get Report, which last year launched a food delivery service in the U.K.
"As the market remains very competitive, we are seeing sustained and continuing margin pressure," Ocado CEO Tim Steiner said. In the 12 weeks to Aug. 7 the company saw a 19% growth in orders compared with the same period a year ago. However, the value of each order fell 3.4%.
Commercial property developers were also performed poorly in London on Tuesday. Shopping center REIT Intu Properties was recently down 2.1%, British Land (BTLCY) lost 2.71% and Land Securities (LSGOY) was down 2.41%.
In Frankfurt, the Dax was down 0.43% at 10,386.60 and the Cac 40 lost 1.19% to close at 4,387.18 in Paris.
Linde (LNEGY) closed 4.62% up after it announced that the CFO, who is reportedly the person responsible for the breakdown in merger talks with Praxair (PX) , would be leaving the company immediately and the CEO would leave in April 2017.
It is suspected that the talks may be reignited following the CFO's departure.
In Germany the inflation rate has remained at low levels. The statistics agency Destatis, today confirmed consumer prices in August were 0.4% higher than in August 2015 but remained unchanged from July 2016. The low inflation rate was due to a 5.9% decrease in energy prices.
Semiconductor maker Infineon (IFNNY) gained 1.33% following the news of further consolidation in the semiconductor industry. Japan's Renesas Electronics today agreed to buy U.S. chipmaker Intersil (ISIL) in a $3.2 billion all-cash deal.