economy
European markets finish higher as traders track Middle East turmoil
European stocks closed higher on Wednesday as markets continue to track developments in the Middle East.
TL;DR
- The pan-European Stoxx 600 index closed 1.4% higher.
- Spain's IBEX 35 closed 2.5% higher after U.S. President Trump threatened to cut off all trade with the country.
- U.S. Treasury Secretary Scott Bessent confirmed a 15% global tariff will be implemented this week.
- The U.S. will provide insurance to tankers in the Persian Gulf and the Navy will escort tankers if necessary to stabilize oil shipments.
- Oil prices eased on Wednesday.
- Novo Nordisk shares rose 6%, while Lottomatica surged nearly 15% after a strong earnings report.
- Weir Group shares fell 10.6% after an updated earnings report.
- South Korea's Kospi plunged over 12% before paring losses.
- The S&P 500 traded nearly 0.9% higher in the U.S.
- United Arab Emirates' stock markets tumbled upon reopening after Iranian strikes.