European stocks close: stocks closed lower on weak corporate earnings and as oil prices declined

Stock indices closed lower on weak corporate earnings and as oil prices declined. Oil prices hit 2-months-low on concerns over the global oil oversupply.

BASF shares fell as the company lowered its full-year forecast.

Meanwhile, the economic data from the Europe was mainly negative. The European Central Bank (ECB) released its M3 money supply figures on Tuesday. M3 money supply rose 4.9% in September from last year, missing expectations for a 5.0% gain, after a 4.9 % increase in August. August's figure was revised up from a 4.8% rise.

Loans to the private sector in the Eurozone climbed 1.1% in September from the last year, in line with expectations, after a 1.0% gain in August.

The Office for National Statistics released its U.K. GDP data on Tuesday. The preliminary U.K. gross domestic product (GDP) climbed 0.5% in the third quarter, missing expectations for a 0.6% gain, after a 0.7% rise in the second quarter. It was the slowest pace since the fourth quarter of 2012.

The slow pace of the growth was driven by weak output in the construction and manufacturing sectors. Construction fell 2.2% in the third quarter, production declined 0.3%, while services rose 0.7%.

"The economy overall is still expanding steadily. However, the sectoral pattern is mixed," the ONS chief economist Joe Grice said.

On a yearly basis, the preliminary U.K. GDP increased 2.3% in the third quarter, missing forecasts of a 2.4% rise, after a 2.4% gain in the second quarter.

Indexes on the close:

Name Price Change Change %

FTSE 100 6,365.27 -51.75 -0.81 %

DAX 10,692.19 -109.15 -1.01 %

CAC 40 4,847.07 -50.06 -1.02 %