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(Bloomberg) — European stocks fell as oil prices rose after the US and Iran exchanged fresh strikes overnight, with investors also focusing on the start of the earnings season.
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The Stoxx Europe 600 Index was down 0.2% at 8:28 a.m. in London, with construction and travel and leisure shares leading the declines. The energy sector made the most gains as Brent crude climbed 3.7% to $79 a barrel.
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Washington and Tehran have issued conflicting declarations over whether the Strait of Hormuz is open to shipping. US Central Command said American forces carried out a new round of strikes designed to degrade Tehran’s ability to attack shipping in the waterway.
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Last week, the Stoxx Europe 600 Index snapped four weeks of straight gains on concerns that rising US-Iran tensions will stoke inflation. The second-quarter earnings season gets underway in earnest this week, with luxury companies Burberry Group Plc and Richemont SA among those reporting.
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“We think that this week is going to be one of volatile sideways movements before the rally can accelerate again,” said Joachim Klement, head of strategy at Panmure Liberum.
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Citigroup Inc.’s strategist Beata Manthey remains neutral on European stocks excluding the UK and views them as an attractive diversifier against AI volatility.
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She also downgraded UK equities to underweight from overweight, saying they’re “less appealing in an environment where earnings growth and market leadership are broadening.”
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For more on equity markets:
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- Healthcare Looks Ready to Star in Rotation Trade: Taking Stock
- M&A Watch Europe: Akzo Nobel, Monte Paschi, Addiko, Bridgepoint
- US Stock Futures Fall as Oil Climbs on Latest US-Iran Tensions
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—With assistance from Sagarika Jaisinghani.
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English (US)