European shares edge lower as US-Iran talks stall; corporate earnings on tap

European shares edged lower on Tuesday as investors braced for a week packed ‌with central bank meetings and corporate earnings, and also weighed a diplomatic impasse in U.S.-Iran negotiations.

Investor caution increased after U.S. officials indicated that U.S. President Donald ‌Trump was dissatisfied with Iran's latest proposal on resolving the two-month-long ‌war. The latest proposal sought to postpone a discussion on Iran's nuclear programme until the war concludes and shipping disputes are resolved. The pan-European STOXX 600 was down 0.3% at ⁠606.94 points, as ​of 0704 ⁠GMT.

The war has roiled global markets, driving oil prices higher and reigniting concerns over global ⁠inflation and growth, as the vital Strait of Hormuz remains closed. Wall Street and ​other global markets have rebounded from a sharp selloff in March, ⁠while energy-dependent European stocks remain below pre-war levels.

With corporate earnings in full swing, shares ⁠of ​BP gained 2.3% after the energy giant posted first-quarter profit above expectations. Shares of Novartis dropped 4.5% as the Swiss drugmaker reported quarterly core operating ⁠profit and sales below market estimates.

Norwegian Air Shuttle climbed roughly 4% after ⁠the budget airline reported ⁠a lower-than-expected operating loss, helped by a stronger crown, jet fuel hedges and the reduced price of EU Emissions ‌Trading ‌System (ETS) allowances.

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