European Stocks Close On Weak Note As Investors Focus On Middle East News
European stocks closed on a weak note as investors weighed Middle East developments and the prospect of a ceasefire extension influencing oil supply through the Strait of Hormuz. The pan-European Stoxx 600 slid 0.75%, with UK’s FTSE 100 down 1.02%, Germany’s DAX off 0.59%, and France’s CAC 40 retreating 0.61%. The session saw mixed regional moves, with several UK names declining 2-4% while some aerospace and defense stocks rose modestly. Axios reported that U.S. and Iranian negotiators reached a 60-day memorandum of understanding to extend the ceasefire and begin talks on Iran’s nuclear program, though President Trump has yet to sign off. Oil prices firmer on the day fed inflation concerns and potential policy implications. French producer prices fell 2.1% month-on-month in April, the steepest decline since April last year, while annual producer prices rose 2.1%. In the UK, SMMT data showed car production easing 0.7% year-on-year to 56,135 units in April, signaling softer domestic demand.
