Latest news with #pan-European
The Age
an hour ago
- Business
- The Age
ASX lower as Middle East tensions linger; Banks slump
The Australian sharemarket has extended its losses by lunchtime on Friday after global markets skidded overnight as the ongoing conflict in the Middle East and fears over potential US involvement rattled investors. The ASX200 fell 53.6 points, or 0.6 per cent, to 8470.1 at 12.10pm AEST, with nine of 11 industry sectors in negative territory, and only energy and tech in the green. The Australian dollar has added to overnight losses this morning to be 0.1 per cent lower at 64.79 US cents just after midday. Energy stocks strengthened as oil prices continued to rise. Woodside Energy added 0.5 per cent and Santos jumped 0.3 per cent. Financial stocks have slumped. ANZ Bank shed 2.3 per cent, Westpac dropped 2 per cent, National Australia Bank retreated 1.3 per cent and Commonwealth Bank lost 1.1 per cent. Mining stocks are mixed. Fortescue added 0.2 per cent, BHP lost 0.4 per cent and Rio Tinto slipped 0.4 per cent. Loading Overnight, trading volumes were thin as Wall Street shut for a public holiday. The pan-European STOXX 600 closed down for the third consecutive day with a 0.8 per cent drop to its lowest level since May 9. The week-old Iran-Israel conflict showed no signs of deescalation.
Business Times
9 hours ago
- Business
- Business Times
Europe: Shares dive as Middle East tensions, US involvement fears weigh
EUROPEAN shares skidded to an over one-month low on Thursday as escalating Middle East tensions and fears over potential US involvement rattled investors. The pan-European Stoxx 600 closed down for the third consecutive day with a 0.83 per cent drop to 535.86, its lowest level since May 9. Trading volumes remained thin as US markets were shut for a public holiday. The week-old Iran-Israel conflict showed no signs of de-escalation. Meanwhile, US President Donald Trump kept markets guessing about American involvement in air strikes on Tehran. Markets were hopeful of talks between the US and Iran, and between the European Union and Iran on Friday, leading to a potential de-escalation in tensions. 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 Much of the recent nervousness has been in markets centred around crude oil supply shocks, triggered by tensions in the oil-rich Middle East. Oil prices rose on the day and boosted the energy sector by 0.8 per cent, emerging as the session's top performer. Healthcare and utilities were the only other sectors in the green. Conversely, travel and leisure stocks led broader declines and finished 2.3 per cent lower, taking a hit from the soaring oil prices. 'When the main channel is through energy prices, you see some risk aversion and that's what we're seeing across European equities and that explains the subdued performance,' said Lilian Chovin, head of asset allocation at Coutts, referring to the Middle East tensions. Unpredictable policies European central bank decisions this week showed how Trump's unpredictable trade policies are complicating monetary policy. The Bank of England kept rates on hold, as expected, but flagged risks from a weaker labour market and higher energy prices. Britain's FTSE 100, which houses energy giants such as BP and Shell, lost 0.6 per cent. The Swiss National Bank cut rates to zero as expected, while Norway's central bank delivered a surprise 25 basis-point cut, its first reduction in five years. Stocks in Oslo were up 0.7 per cent. The Euro Stoxx Volatility index touched its highest level since May 23 and was at 24.94. Fed Chair Jerome Powell said on Wednesday that inflation in goods prices is expected to go up over the summer as Trump's tariffs work their way to consumers. The mixed signals did not offer markets much clarity on how the Fed plans to navigate the uncertain economic environment. EU officials are increasingly resigned to a 10 per cent rate on 'reciprocal' tariffs being the baseline in any trade deal between the United States and the EU, five sources familiar with the negotiations said. 'We understand Trump's reaction function and the constraints that apply to him and so investors are better able to form forward-looking views compared to two months ago,' Chovin added. Shares in recruitment companies in Europe slid after British recruiter Hays' forecast a more than 57 per cent drop in annual operating profit. Rival firms Randstad Robert Walters and Adecco fell over 4.5 per cent each. Among stocks, Stora Enso jumped 14.7 per cent to top the Stoxx 600 after the Finnish forestry group said it was initiating a strategic review of its Swedish forest assets. REUTERS
Sydney Morning Herald
12 hours ago
- Business
- Sydney Morning Herald
ASX set to slide, global markets fall on Middle East tensions; Oil rises
European shares skidded to an over one-month low on Thursday as escalating Middle East tensions and fears over potential US involvement rattled investors. The pan-European STOXX 600 closed down for the third consecutive day with a 0.8 per cent drop to its lowest level since May 9. Trading volumes remained thin as US markets were shut for a public holiday. The Australian sharemarket is set to slide lower, with futures at 4.52am AEST pointing to a fall of 28 points, or 0.3 per cent, at the open. The ASX dipped by less than 0.1 per cent on Thursday. The Australian dollar weakened. It was 0.5 per cent lower to 64.75 US cents at 5.23am. The week-old Iran-Israel conflict showed no signs of deescalation. Meanwhile, US President Donald Trump kept markets guessing about American involvement in air strikes on Tehran. Loading Markets were hopeful of talks between the US and Iran, and between the European Union and Iran on Friday, leading to a potential de-escalation in tensions. Much of the recent nervousness has been in markets centred around crude oil supply shocks, triggered by tensions in the oil-rich Middle East. Oil prices rose on the day and boosted the energy sector by 0.8 per cent, emerging as the session's top performer.
The Age
12 hours ago
- Business
- The Age
ASX set to slide, global markets fall on Middle East tensions; Oil rises
European shares skidded to an over one-month low on Thursday as escalating Middle East tensions and fears over potential US involvement rattled investors. The pan-European STOXX 600 closed down for the third consecutive day with a 0.8 per cent drop to its lowest level since May 9. Trading volumes remained thin as US markets were shut for a public holiday. The Australian sharemarket is set to slide lower, with futures at 4.52am AEST pointing to a fall of 28 points, or 0.3 per cent, at the open. The ASX dipped by less than 0.1 per cent on Thursday. The Australian dollar weakened. It was 0.5 per cent lower to 64.75 US cents at 5.23am. The week-old Iran-Israel conflict showed no signs of deescalation. Meanwhile, US President Donald Trump kept markets guessing about American involvement in air strikes on Tehran. Loading Markets were hopeful of talks between the US and Iran, and between the European Union and Iran on Friday, leading to a potential de-escalation in tensions. Much of the recent nervousness has been in markets centred around crude oil supply shocks, triggered by tensions in the oil-rich Middle East. Oil prices rose on the day and boosted the energy sector by 0.8 per cent, emerging as the session's top performer.
Business Recorder
14 hours ago
- Business
- Business Recorder
European shares dive as Mideast tensions, US involvement fears weigh
European shares skidded to an over one-month low on Thursday as escalating Middle East tensions and fears over potential U.S. involvement rattled investors. The pan-European STOXX 600 closed down for the third consecutive day with a 0.8% drop to its lowest level since May 9. Trading volumes remained thin as U.S. markets were shut for a public holiday. The week-old Iran-Israel conflict showed no signs of de-escalation. Meanwhile, U.S. President Donald Trump kept markets guessing about American involvement in air strikes on Tehran. Markets were hopeful of talks between the U.S. and Iran, and between the European Union and Iran on Friday, leading to a potential de-escalation in tensions. Much of the recent nervousness has been in markets centred around crude oil supply shocks, triggered by tensions in the oil-rich Middle East. Oil prices rose on the day and boosted the energy sector by 0.8%, emerging as the session's top performer. Healthcare and utilities were the only other sectors in the green. Conversely, travel and leisure stocks led broader declines and finished 2.3% lower, taking a hit from the soaring oil prices. 'When the main channel is through energy prices, you see some risk aversion and that's what we're seeing across European equities and that explains the subdued performance,' said Lilian Chovin, head of asset allocation at Coutts, referring to the Middle East tensions. Unpredictable policies European central bank decisions this week showed how Trump's unpredictable trade policies are complicating monetary policy. The Bank of England kept rates on hold, as expected, but flagged risks from a weaker labour market and higher energy prices. Britain's FTSE 100, which houses energy giants such as BP and Shell, lost 0.6%. The Swiss National Bank cut rates to zero as expected, while Norway's central bank delivered a surprise 25 basis-point cut, its first reduction in five years. Stocks in Oslo were up 0.7%. The Euro STOXX Volatility index touched its highest level since May 23 and was at 24.94. Fed Chair Jerome Powell said on Wednesday that inflation in goods prices is expected to go up over the summer as Trump's tariffs work their way to consumers. The mixed signals did not offer markets much clarity on how the Fed plans to navigate the uncertain economic environment. EU officials are increasingly resigned to a 10% rate on 'reciprocal' tariffs being the baseline in any trade deal between the United States and the EU, five sources familiar with the negotiations said. 'We understand Trump's reaction function and the constraints that apply to him and so investors are better able to form forward-looking views compared to two months ago,' Chovin added. Shares in recruitment companies in Europe slid after British recruiter Hays' forecast a more than 57% drop in annual operating profit. Rival firms Randstad Robert Walters and Adecco fell over 4.5% each. Among stocks, Stora Enso jumped 14.7% to top the STOXX 600 after the Finnish forestry group said it was initiating a strategic review of its Swedish forest assets.
