European Stocks Weaken, Middle East Risks Overshadow Sentiment
European stocks fell on Friday (April 24th) as uncertainty surrounding US-Iran peace talks further weighed on risk appetite. The Stoxx 600 Index fell 0.5% at around 8:35 a.m. in London, with all major bourses trading in negative territory.
Sector movements indicated a defensive rotation: oil and gas rose 1.2% as energy prices strengthened, while mining stocks fell nearly 1.7%, becoming the biggest drag. Rising oil prices are important because they can prolong inflationary pressures and keep policy expectations tight, which generally limit the upside for risk assets.
At the issuer level, SAP jumped around 6.4% after posting a nearly 17% increase in operating profit and a 19% increase in cloud revenue in its quarterly report, bolstering sentiment in certain technology stocks. Conversely, Renault fell 2.2% after first-quarter sales fell 3.3% despite a 7.3% increase in group revenue to 12.5 billion euros.
The market is also monitoring geopolitical developments, including comments by US President Donald Trump refusing to set a deadline for a deal and reports of inspections of tankers suspected of carrying Iranian oil. Data shows that UK retail sales rose 0.7% in March (above the 0.1% forecast), while the next focus includes the release of French consumer confidence, Germany's Ifo, and a series of European corporate earnings reports. (asd)
Source: Newsmaker.id
