The European markets traded with losses on Thursday, reversing losses from the previous session, as US debt ceiling talks progress. The on-going negations between the President Joe Biden and US House Speaker Kevin McCarthy have improved, McCarthy said. Talks are onto reach a deal to raise the $31.4 trillion debt ceiling.

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The British FTSE was last trading 0.4 percent lower. French CAC was trading 0.2 percent lower, while the biggest European market by volume, German DAX were last trading 0.1 percent lower.

The European markets ended sharply lower on Wednesday following the UK inflation data.

The Wall Street indices ended lower on Wednesday as uncertainty around US debt ceiling persisted. Dow Jones Industrial Average ended 0.8 percent lower, while S&P ended 0.7 percent lower and Nasdaq Composite ended 0.6 percent lower.

Also Read: Republicans, White House see progress in US debt ceiling talks

Fitch Ratings had put AAA-rated long-term foreign-currency issuer default rating of the United States on a 'negative watch' as the impasse over raising the debt ceiling continues, just a week ahead of the June 1 deadline.

The European markets are also taking cues from their Asian counterparts. Most Asian markets traded lower on Thursday. At the last count, Japan's Nikkei was last trading 0.4 percent higher. Hong Kong Hang Seng was down two percent. China's Shanghai Composite was last trading 0.1 percent lower.

Crude oil prices eased on Thursday. At the last count, Brent crude futures were trading 0.5 percent lower at $78 a barrel. US West Texas Intermediate futures, too, were trading 0.6 percent in the red at $73.9 per barrel.

The Indian markets extended losses in the trade on Thursday. At the last count, the Nifty 50 index was trading below 18,250, and Sensex was trading 0.3 percent or 174.3 points lower.

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