European markets close lower as investors look ahead to U.S. inflation data; Atos falls 14% on debt plan

This was CNBC's live blog covering European markets.

European markets closed lower Tuesday as investors look ahead to more key economic data this week, including U.S. inflation figures out Wednesday.

The Stoxx 600 index closed down 0.6%, with the majority of sectors in negative territory following solid gains on Monday. Insurance stocks led losses, falling 1.4%, while mining stocks rose 1.3%.

BP shares rose to their highest level since October after the oil major said it expected higher upstream production in oil and gas in the first quarter. Struggling French IT consultancy Atos rose 5% before tumbling to a 14% loss after detailing its refinancing framework.

Markets continue to see a roughly 50% chance of a cut in June, according to CME's FedWatch tool, although Minneapolis Fed President Neel Kashkari last week raised the possibility of zero rate cuts this year if inflation remains sticky.

U.S. stocks pulled back on Tuesday, while Asia-Pacific markets were mixed overnight as investors awaited consumer confidence data from Japan.

U.S. stocks opened higher Tuesday, as markets regained momentum ahead of the release of key U.S. inflation data.

The Dow Jones Industrial Average rose 0.2% in early deals, while the S&P 500 gained 0.4%. The tech-heavy Nasdaq Composite also added 0.6%.

The British pound strengthened against the U.S. dollar and the euro on Tuesday ahead of a series of big announcements.

Over the coming days, the U.S. will release inflation data on Wednesday, the European Central Bank will hold its monetary policy meeting on Thursday, and the U.K. monthly gross domestic product figures will be out on Friday. Economists will be looking for signs of a rebound in the British economy, which recorded 0.2% growth in January,