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(Bloomberg) — European stocks fell for a third straight session on concerns around escalating geopolitical tensions in the Middle East as well as worries about stickier US inflation.
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The Stoxx Europe 600 Index was down 0.8% by the close in London, with consumer products and travel and leisure shares leading the decline. Energy stocks outperformed.
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The UK’s FTSE 100 dropped 0.6%. The Bank of England held interest rates steady in a more divided vote than expected as policymakers weighed up the UK’s softening jobs market and weak growth against a backdrop of mounting geopolitical tensions.
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The rebound in European stocks has faltered this month following rising tensions in the Middle East. Senior US officials are reportedly preparing for the possibility of a strike on Iran in the coming days. Still, the conflict has not triggered a rush to safety so far. Volatility is creeping up but remains contained as investors hadn’t ramped up exposure to stocks following the April selloff.
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Nestle SA dropped 0.9%. The company picked longtime Inditex SA executive Pablo Isla as its next chairman to succeed company veteran Paul Bulcke when he retires next year. Vodafone Group Plc rose 1.0% as it appointed Pilar López as chief financial officer to start in December.
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Meanwhile, sentiment has turned cautious after the Federal Reserve on Wednesday signaled the possibility of a rise in inflation.
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“I can’t get terribly excited about the stock market at this juncture,” said Dan Boardman-Weston, chief investment officer at BRI Wealth Management. “You’ve got inflation risks lingering and tariff volatility is likely to come back. All this into the summer, when liquidity tends to dry up anyway.”
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In other individual stocks, recruitment firm Hays Plc slumped 9.8% after publishing a trading update.
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For more on equity markets:
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- There’s Little Will to Be Risk-Off in This Market: Taking Stock
- M&A Watch Europe: Barclays, Assura, Shell, NatWest, Stora Enso
- European IPO Prospects Urged to Tap Buoyant Markets: ECM Watch
- US Stocks Muted as Powell’s Inflation Comments Trigger Pullback
- Sticky Inflation: The London Rush
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—With assistance from Michael Msika.
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English (US)