economy
European stocks close lower, sterling slides on UK political turmoil
European stocks were in negative territory as prospects for a speedy resolution to the U.S.-Iran war appear increasingly remote.
TL;DR
- European stocks (Stoxx 600) fell nearly 1.1% due to political crises in the U.K. and stalled U.S.-Iran peace talks.
- U.K. Prime Minister Keir Starmer is under pressure to resign after the Labour Party's poor performance in local elections, though he stated he would not step down.
- The British pound depreciated against the U.S. dollar and the euro.
- Oil prices rose following comments from President Donald Trump about the fragile U.S.-Iran ceasefire.
- Bayer announced a 9% increase in first-quarter operating profit and reiterated its full-year guidance, while its shares rose over 4%.
- Vodafone reported an 8% year-on-year revenue jump but its shares closed 7.7% lower.