European Stocks Held, Oil Rises
European stock markets moved sluggishly on Monday (June 29th) as investors continued to monitor tensions in the Middle East. The STOXX 600 index fell slightly by 0.03% to 635.66 after volatile trading over the past week. Major indices such as Germany's DAX, France's CAC 40, and the UK's FTSE 100 were flat, while Italy's FTSE MIB weakened by 0.2%.
Market pressure arose after the United States and Iran engaged in renewed military attacks over the weekend, following the disruption of commercial shipping around the Strait of Hormuz. Although both countries agreed to halt retaliatory attacks ahead of a technical meeting in Doha on Tuesday, investors remained hesitant to take large positions as the interim peace deal is considered fragile.
The renewed rise in oil prices also added to market concerns. Shipping disruptions in the Strait of Hormuz, a vital global energy route, have investors reassessed supply risks. Rising oil prices have the potential to trigger renewed inflationary pressures, especially amid concerns that central banks will maintain high interest rates.
In addition to geopolitical factors, market participants are also awaiting this week's US employment data, which could influence the Federal Reserve's policy direction. In Europe, investors are also awaiting June economic sentiment data and a speech by European Central Bank President Christine Lagarde for clues on the direction of eurozone interest rates. In terms of individual stocks, Nagarro surged 90% after receiving an acquisition offer, while Prosus rose 2% after releasing its annual performance report. (asd)
Source: Newsmaker.id
