European stock markets are in a downward trend this Friday due to the conflict in the Middle East. The world is concerned about the position that the US will take towards Israel. Oil appreciates and is on track to mark its best week in half a year.
The European stock markets weaken this Fridayas investors assessed the prospects of a broader regional conflict in the Middle East, although strong performance in energy stocks keeps the benchmark afloat, the STOXX 600which is trading almost unchanged at 516.40 points. The index is on track to mark its worst week since September 2 if losses continue.
Oil stocks gain 0.7% and they were preparing for their best week in almost six months. The subindex is up 4.1% so far this week and was the only sector to post gains.
Israel’s dilemma for the US
The United States is debating whether to support Israeli attacks on Iranian oil facilities in retaliation for Tehran’s missile attack on Israel, raising concerns about possible disruptions to oil supplies. [O/R]
A number of ECB officials, including Luis de Guindos, Claudia Buch and Frank Elderson, will speak at various events throughout the day.
The Rate-sensitive real estate securities also helped the index not turn negativewith an increase of 0.6%.
Among individual stocks, Denmark’s DSV rose 6.6% after the transportation company raised $5.5 billion in a share issue to partially finance its acquisition of Schenker.
Source: Ambito
