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Business Times
13-06-2025
- Business
- Business Times
Europe: Shares tumble as Israel-Iran conflict escalates
EUROPEAN shares closed lower on Friday (Jun 13) as Israel's wide-scale strike against Iran triggered a broad market selloff, with investors rushing to safe-haven assets amid an already uncertain trade environment. The pan-European Stoxx 600 index fell 0.9 per cent, briefly hitting its lowest level in three-weeks. The index also marked its fifth consecutive declining session and longest losing streak since September 2024. Israel launched a barrage of strikes across Iran, saying it had attacked nuclear facilities and missile factories. The news sent global risk assets lower and investors moved into traditional safe havens like the dollar and gold. Though Washington said it had no part in the attack, US President Donald Trump, Israel's main ally, suggested that Iran had brought the attack on itself by resisting a US ultimatum in talks to restrict its nuclear programme. Most regional stock bourses finished in the red, with Germany's DAX ending 1.1 per cent lower after data showed German inflation eased to 2.1 per cent in May, confirming preliminary data. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up 'If this is over quickly, we'll see a fairly quick recovery and the markets basically are discounting the possibility that this drags out,' said Patrick Armstrong, chief investment officer at Plurimi Wealth. 'Our view is that it probably will be very short lived because Iran isn't in a position to respond meaningfully, given the power dynamics between the two countries', he added. Most Stoxx sub-sectors clocked losses, with auto stocks leading declines, down 2.2 per cent. Travel and leisure also dropped 2 per cent – with airline operators ICAG, Lufthansa and Ryanair among the biggest laggards as many airlines cleared out of the airspace over Israel, Iran, Iraq and Jordan and crude oil prices surged. Energy stocks advanced 0.6 per cent as crude oil prices jumped close to 6 per cent on worries about a disruption in Middle East oil supplies. Shipping groups Maersk advanced 4.2 per cent and Hapag-Lloyd gained almost 1 per cent, respectively, as analysts flagged upside risks to freight rates amid the supply disruptions. Defence companies also jumped, with Germany's Rheinmetall up 2.7 per cent and UK's BAE Systems adding 2.9 per cent. A measure of European volatility also shot up to its highest level since May 26. The benchmark index Stoxx 600 posted a weekly decline, as investors were unimpressed by the outcome of US-China talks earlier this week, and had doubts over an EU trade deal with the US before Trump's Jul 8 tariff deadline. REUTERS
Business Recorder
13-06-2025
- Business
- Business Recorder
European shares tumble as Israel-Iran conflict escalates
European shares closed lower on Friday as Israel's wide-scale strike against Iran triggered a broad market selloff, with investors rushing to safe-haven assets amid an already uncertain trade environment. The pan-European STOXX 600 index fell 0.9%, briefly hitting its lowest level in three-weeks. The index also marked its fifth consecutive declining session and longest losing streak since September 2024. Israel launched a barrage of strikes across Iran, saying it had attacked nuclear facilities and missile factories. The news sent global risk assets lower and investors moved into traditional safe havens like the dollar and gold. Though Washington said it had no part in the attack, U.S. President Donald Trump, Israel's main ally, suggested that Iran had brought the attack on itself by resisting a U.S. ultimatum in talks to restrict its nuclear programme. Most regional stock bourses finished in the red, with Germany's DAX ending 1.1% lower after data showed German inflation eased to 2.1% in May, confirming preliminary data. 'If this is over quickly, we'll see a fairly quick recovery and the markets basically are discounting the possibility that this drags out,' said Patrick Armstrong, chief investment officer at Plurimi Wealth. 'Our view is that it probably will be very short lived because Iran isn't in a position to respond meaningfully, given the power dynamics between the two countries'. Most STOXX sub-sectors clocked losses, with auto stocks leading declines, down 2.2%. Travel and leisure also dropped 2% - with airline operators ICAG, Lufthansa and Ryanair among the biggest laggards as many airlines cleared out of the airspace over Israel, Iran, Iraq and Jordan and crude oil prices surged. Energy stocks advanced 0.6% as crude oil prices jumped close to 6% on worries about a disruption in Middle East oil supplies. Shipping groups Maersk advanced 4.2% and Hapag-Lloyd gained almost 1%, respectively, as analysts flagged upside risks to freight rates amid the supply disruptions. Defence companies also jumped, with Germany's Rheinmetall up 2.7% and UK's BAE Systems adding 2.9%. A measure of European volatility also shot up to its highest level since May 26. The benchmark index STOXX 600 posted a weekly decline, as investors were unimpressed by the outcome of U.S.-China talks earlier this week, and had doubts over an EU trade deal with the U.S. before Trump's July 8 tariff deadline.
CNBC
13-06-2025
- Business
- CNBC
Geopolitical fears ease as investors turn to gold, defense for stability
Gina Sanchez, CEO of Chantico Global, and Patrick Armstrong, CIO of Plurimi Wealth, say markets are looking past Iran-Israel tensions. Defense, gold, and inflation-protected bonds stand out.
Yahoo
14-05-2025
- Business
- Yahoo
European shares close higher after Sino-US tariff deal relieves markets
By Sukriti Gupta and Purvi Agarwal (Reuters) -European shares started the week on a positive note on Monday after the United States and China agreed to temporarily slash tariffs, providing some relief to global markets roiled by the trade war. The U.S. will cut extra tariffs on Chinese imports to 30% from 145% and Chinese duties on U.S. imports will fall to 10% from 125% for the next 90 days, as per the deal. The pan-European STOXX 600 index closed 1.2% higher, while regional bourses including ones in Germany and the UK were up. "The deal is a step towards something that's much better... The worst-case scenarios that investors were pricing in April seem to have been lifted over recent weeks as there's been a softening of rhetoric," said Patrick Armstrong, chief investment officer at Plurimi Wealth. Traders reduced bets on interest rate cuts from the European Central Bank after the deal, with the reduced odds also aided by ECB board member Isabel Schnabel's remarks. The easing in tensions has relieved financial markets about worries over global economic growth, and signs of the de-escalation helped the European equities recover their sharp losses from early April. Sportswear makers Puma and Adidas closed 6.5% and 3.8% higher, while logistics companies Maersk and Hapag-Lloyd advanced 11.2% and 13%, respectively. Basic metal miners were the top gainers, up 5% after the deal buoyed prices of industrial metals. Most healthcare heavyweights such as Roche Holding, Sanofi and AstraZeneca had dipped earlier in the day, after U.S. President Donald Trump planned to sign an executive order to cut prescription drug prices to the level paid by other high-income countries. However, they reversed losses, with the sector index ending 0.5% higher. "The market was pricing in very stringent rules, but these are going to be hard to enforce," said Armstrong, adding that the order was a little vague. Shares in Novo Nordisk fell marginally after U.S. competitor Eli Lilly said its drug Zepbound was found to be superior to Novo's Wegovy across five weight-loss targets in a head-to-head trial. Meanwhile, Ukrainian President Volodymyr Zelenskiy said he was ready to meet Russian President Vladimir Putin in Turkey on Thursday. Defence stocks Hensoldt slumped 11.6% and Rheinmetall fell 5.9%, with an index tracking European arms makers down 1.4%. UniCredit rose 4.2% as Italy's second-biggest bank strengthened its 2025 outlook after posting a surprise increase in first-quarter profit. Sign in to access your portfolio
Business Recorder
13-05-2025
- Business
- Business Recorder
European shares close higher after Sino-US tariff deal
FRANKFURT: European shares started the week on a positive note on Monday after the United States and China agreed to temporarily slash tariffs, providing some relief to global markets roiled by the trade war. The US will cut extra tariffs on Chinese imports to 30% from 145% and Chinese duties on US imports will fall to 10% from 125% for the next 90 days, as per the deal. The pan-European STOXX 600 index closed 1.2% higher, while regional bourses including ones in Germany and the UK were up. 'The deal is a step towards something that's much better... The worst-case scenarios that investors were pricing in April seem to have been lifted over recent weeks as there's been a softening of rhetoric,' said Patrick Armstrong, chief investment officer at Plurimi Wealth. Traders reduced bets on interest rate cuts from the European Central Bank after the deal, with the reduced odds also aided by ECB board member Isabel Schnabel's remarks. The easing in tensions has relieved financial markets about worries over global economic growth, and signs of the de-escalation helped the European equities recover their sharp losses from early April. Sportswear makers Puma and Adidas closed 6.5% and 3.8% higher, while logistics companies Maersk and Hapag-Lloyd advanced 11.2% and 13%, respectively. Basic metal miners were the top gainers, up 5% after the deal buoyed prices of industrial metals. Most healthcare heavyweights such as Roche Holding, Sanofi and AstraZeneca had dipped earlier in the day, after US President Donald Trump planned to sign an executive order to cut prescription drug prices to the level paid by other high-income countries.
