UK and European stock markets closed slightly lower, paring earlier gains as investors monitor a busy week for economic data.
The yen slipped after its biggest daily rise since mid-July the day before after comments from Japan’s top central banker on a possible end to its negative interest rate policy.
Oil prices rose, boosted by a tighter supply outlook, and as producer group OPEC said major economies were faring better than expected despite rising interest rates.
Gold slipped as the dollar rebounded, while investors positioned for the U.S. inflation print on Wednesday.
Smurfit Kappa shares tumbled on Tuesday after the company said it had agreed to merge with US rival WestRock in a deal that will create a $20bn packaging giant.
Under the terms of the transaction, shareholders of WestRock will receive one new Smurfit WestRock share and $5 in cash. This represents a total consideration equivalent to $43.51 per share, based on the Smurfit closing price on Monday.
Tony Smurfit, who will lead the combined group as chief executive, said: "This incredibly exciting coming together of our two great companies is a defining moment within the global packaging industry. Smurfit WestRock will be the ‘Go-To’ packaging partner of choice for customers, employees and shareholders.