European stocks turn negative, await FOMC minutes

The European equity markets shaved-off opening gains and turned into the negative territory, with sentiment hit by weaker oil prices.

Moreover, markets turn cautious and refrain from creating fresh positions ahead of the FOMC minutes, especially after Fed officials talked up Sept rate hike possibility on Tuesday.

The London markets appear to have ignored stronger UK jobs data and keeps moderate losses, as falling oil prices weigh on the resource-heavy FTSE index.

The UK’s official jobless rate remained at eight-year lows of 4.9% in July, while the claimant surprised markets on the upside in the reported month.

While traders digest the latest corporate news releases, UK motor insurance company Admiral Group shares plunging 8.5% on reports about a warning that market volatility due to the Brexit has impacted its solvency ratio. German utility company RWE has agreed to raise employee pay in talks with a chemical workers and miners' union. Its stock slipped about 1%.

Meanwhile, Germany's DAX 30 index drops -0.82% to 10,591, while the UK's FTSE 100 index trades -0.17% lower at 6,883. Among the other indices, the French CAC 40 index drops -0.70% to 4,429, while the pan-European Euro Stoxx 50 index slumps -1.07% to 2,990.