European stocks close lower as oil firms and rate-hike hopes grow
European stocks closed firmly lower Monday, with Euro STOXX 50 down 0.9% to 5,426 and STOXX Europe 600 down 0.6% to 651. Higher oil prices reinforced expectations of more ECB rate hikes.
European stocks closed firmly lower on Monday as higher oil prices consolidated expectations of more rate hikes by the European Central Bank.
The Euro STOXX 50 fell 0.9% to 5,426 and the STOXX Europe 600 dropped 0.6% to 651.
The US and Iran exchanged new strikes and drove oil prices to rise sharply.
Higher energy prices had drove inflation in Germany, Spain, and France to pick up in August, with data from the Stocks in AI infrastructure booked sharp losses ahead of Broadcom, and Palo Alto earnings this week, maintaining volatility on the sector with ASML and Siemens Energy falling 2.9% and 5%, respectively.
Industrials also pulled back with Airbus, Schneider, and Rheinmetall dropping between 4% and 2.75%.
For August, the Euro STOXX 50 gained 1% and the STOXX Europe 600 added 0.3%, underperforming due to its higher exposure to UK miners and pharmaceutical companies.