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European markets seen lower; oil retreats after 8 days of gains

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European markets are expected to open lower Tuesday as international relations come under pressure and oil prices slip, halting a run of eight straight days of gains.

The FTSE 100 is on track to open 26 points lower at 7,348; the German DAX is seen opening 31 points down at 12,444; and the French CAC is expected to start trading lower by 16 points at 5,180.

Oil moved lower on Tuesday morning, retreating from its longest stretch of gains in over five years. Brent prices moved 0.56 percent lower to $49.40 per barrel while U.S. crude dipped 0.53 percent to $46.82.

North Korea once again tested fraught international relations after it launched a ballistic missile into the sea off its east coast, close to neighboring Japan. Japanese Prime Minister Shinzo Abe condemned the attack and called on Chinese and Russian leaders to do more to deal with North Korea’s weapons program.

Chinese President Xi Jinping is to meet with Russian President Vladimir Putin Tuesday for strategic talks before traveling to Berlin to prepare for G-20 talks later this week.

Elsewhere, France’s Prime Minister Edouard Philippe is to present his government to a confidence vote. This comes after President Emmanuel Macron laid out his plans for parliamentary reforms Monday, in which he threatened to revert to a public referendum if lawmakers did not move quickly enough to back his plans.

Across the Atlantic, U.S. markets are closed for Independence Day celebrations. The greenback rose to a seven-week high Monday and the yield on the two-year Treasury note rose to levels not seen since 2008 on Monday ahead of the national holiday.

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