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European Stocks End Monday in Red
(MENAFN) European equity markets ended Monday's session in the red, as the collapse of US-Iran diplomatic progress and escalating tensions around the Strait of Hormuz sapped investor confidence across the continent.
The pan-European Stoxx Europe 600 retreated 0.16% to close at 613.88 points, with losses spread broadly across major bourses. Germany's DAX 40 shed 0.26% to 23,742.44, France's CAC 40 declined 0.29% to 8,235.98, Italy's FTSE MIB 30 eased 0.17% to 47,527.16, and the UK's FTSE 100 dropped 0.17% to 10,582.96. The euro edged up 0.14% against the dollar to 1.1736 as of 1740 GMT.
Markets opened the week with a degree of cautious optimism that Middle East tensions could be de-escalating, but that mood evaporated swiftly as the full picture of weekend negotiations emerged. Talks held in Pakistan between Washington and Tehran ended without agreement, with the two sides reported to be deeply divided over Iran's nuclear program and control of the Strait of Hormuz.
US President Donald Trump offered a pointed assessment of the breakdown, saying Iran had not relinquished its nuclear ambitions and announcing that "the US Navy will begin the process of blockading all ships attempting to enter or leave the Strait of Hormuz." He further claimed that NATO and Gulf nations would back the naval operation.
The economic toll of the conflict is already being felt in Europe. European Commission President Ursula von der Leyen noted that developments in the Middle East were directly pushing up energy costs, revealing that the EU's fossil fuel import bill has swelled by more than €22 billion across the 44 days since the conflict erupted.
The figures underscore the growing financial pressure on European economies caught between a volatile energy market and an increasingly uncertain geopolitical landscape.
The pan-European Stoxx Europe 600 retreated 0.16% to close at 613.88 points, with losses spread broadly across major bourses. Germany's DAX 40 shed 0.26% to 23,742.44, France's CAC 40 declined 0.29% to 8,235.98, Italy's FTSE MIB 30 eased 0.17% to 47,527.16, and the UK's FTSE 100 dropped 0.17% to 10,582.96. The euro edged up 0.14% against the dollar to 1.1736 as of 1740 GMT.
Markets opened the week with a degree of cautious optimism that Middle East tensions could be de-escalating, but that mood evaporated swiftly as the full picture of weekend negotiations emerged. Talks held in Pakistan between Washington and Tehran ended without agreement, with the two sides reported to be deeply divided over Iran's nuclear program and control of the Strait of Hormuz.
US President Donald Trump offered a pointed assessment of the breakdown, saying Iran had not relinquished its nuclear ambitions and announcing that "the US Navy will begin the process of blockading all ships attempting to enter or leave the Strait of Hormuz." He further claimed that NATO and Gulf nations would back the naval operation.
The economic toll of the conflict is already being felt in Europe. European Commission President Ursula von der Leyen noted that developments in the Middle East were directly pushing up energy costs, revealing that the EU's fossil fuel import bill has swelled by more than €22 billion across the 44 days since the conflict erupted.
The figures underscore the growing financial pressure on European economies caught between a volatile energy market and an increasingly uncertain geopolitical landscape.
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