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European stocks fall on Middle East tensions
European stocks declined once again amid escalating geopolitical tensions in the Middle East, with markets adopting a defensive stance while awaiting decisions from the U.S. Federal Reserve. The STOXX Europe 600 index dropped by 0.4%, while oil prices steadily surged, with Brent crude surpassing $113 per barrel due to ongoing threats to global oil supplies, especially after the Saudi "East-West" pipeline was targeted by Iran-backed elements and as Houthi attacks on maritime transit routes intensified. Investors are becoming cautious, expecting the Federal Reserve Chair to raise interest rates by 25 basis points, amid rising yields on U.S. and German bonds. This has impacted technology stocks and semiconductor companies. Meanwhile, the market is awaiting European economic data to assess the effects of the tensions and energy costs.
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