European markets tumble as oil prices surge; ECB and BOE decisions ahead
European stock markets declined Thursday as oil prices surged amid escalating tensions over potential U.S. military action against Iran, overshadowing corporate earnings and anticipation of central bank decisions. The Stoxx 600 fell 0.5%, with steeper losses in Germany and France, while most sectors traded lower except for oil and gas and telecoms. Brent crude reached over $126 a barrel, driven by fears of renewed conflict and ongoing disruptions to Iranian oil exports.
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LONDON — European stocks opened sharply lower on Thursday as investors digest the latest reports on the Iran war and monitor a raft of corporate earnings and central bank decisions.The pan-European Stoxx 600 was trading 0.5% lower shortly after 8:10 a.m. in London (3:10 a.m. E.T.).The U.K.'s FTSE 100 index was seen hovering around the flatline at the market open, with Germany's DAX down 0.7%, as France's CAC 40 dropped 1% and Italy's FTSE MIB fell almost 1.2%.Almost all regional sectors were in the red, with autos leading the losses, down 2.6%. Banks dopped 1.4% and financial services retreated to the tune of 1.1%.
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