European Stocks Sink as Iran Strike Fears and US Midterms Loom
Europe's major indexes closed in the red Tuesday as investors chewed on escalating US-Iran tensions and braced for the US midterm elections. The DAX, FTSE 100, CAC 40 and Euro Stoxx 50 all sagged, while earnings from Lufthansa, Philips, BioNTech and Ferrari kept traders busy. The euro and pound barely budged against the dollar.
European equities ended Tuesday lower, capping a jittery session. The FTSE 100 took the hardest knock, sliding 1.13% at the close. The DAX gave up 0.45%, the CAC 40 fell 0.30%, and the Euro Stoxx 50 dropped 0.54%.
The selloff kicked off at the open after reports of alleged new US strikes on Iran's Qeshm Island. Early losses were steeper: the DAX was down 1.06% with Infineon off 3.77%, the FTSE 100 slipped 0.65% as Antofagasta plunged 3.93%, the CAC 40 lost 0.62% with STMicroelectronics sliding 3.55%, and the Euro Stoxx 50 shed 1.16% as Adidas dipped 2.34%.
Traders also had a stack of corporate results to chew through. Lufthansa, Philips, BioNTech, Pfizer and Ferrari were all on the earnings docket, while inflation prints from Turkey and Switzerland gave investors more to digest.
Currencies stayed calm despite the equity wobble. The euro traded flat against the dollar at $1.11935 and the pound held steady at $1.34163 as of 5:35 pm CET.
Tuesday's gloom followed a brighter Monday, when European indexes closed higher on upbeat manufacturing data. German factory activity picked up pace in October and UK manufacturing output hit a five-month high, while tech shares rebounded and oil prices fell sharply on hopes of a last-minute US-Iran peace deal. MTU Aero Engines surged 5.01% on that rally.
The US midterm elections remain the next big thing on the radar, with investors watching how the political picture shapes the Iran standoff and global risk appetite.
TopicsDAX · FTSE 100 · CAC 40 · Euro Stoxx 50 · Lufthansa · Philips · BioNTech · Ferrari
Source: breakingthenews.net
Written by Paparazzi with AI. Not financial advice.