economy
European stocks close lower as Iran war intensifies; miners lead losses
European stocks slumped over 2% on Thursday as the Iran war escalates following attacks on Iranian and Qatari energy infrastructure.
TL;DR
- European stocks (Stoxx 600) fell 2.4%, with all major bourses and most sectors trading lower.
- Miners led the losses, with the basic resources sector down 4.2% due to falling gold and silver prices.
- Antofagasta and Fresnillo stocks declined amid inflation fears and rising energy costs.
- Norwegian oil giant Equinor surged 11% after reporting strong earnings and a new oil field discovery.
- The Iran conflict escalated with strikes on Iranian and Qatari energy facilities, leading to U.S. warnings and oil price jumps.
- European central banks (ECB, BoE, Riksbank, SNB) maintained interest rates.
- U.S. producer prices report and inflation expectations contributed to stock market declines.
- Asia-Pacific markets also dipped.
- Key companies reporting earnings included Enel, Equinor, BASF, Argenx, and Vonovia.