economy
European markets close higher as Iran war intensifies and economic sentiment sours
European stocks closed in positive territory on Monday though the war in Iran showed no signs of ending soon, entering its fifth week.
TL;DR
- European stocks rose on Monday, with the Stoxx 600 up 0.8%, despite concerns over the Iran war and weaker economic sentiment.
- The FTSE 100 gained 1.6% and Germany's DAX advanced 0.85%, with miners and energy stocks performing well.
- Economic Sentiment Indicator and Employment Expectations Indicator fell in March, and consumer confidence "plummeted" in the EU and euro area.
- Orsted shares surged 7% after Bank of America raised its price target and upgraded the stock to "buy".
- The conflict in Iran escalated with reports of Houthi missile launches at Israel and potential U.S. actions regarding Iranian oil and Kharg Island.
- G7 finance, energy ministers, and central bank governors were scheduled for an emergency virtual meeting.