European stocks fall as oil rises
European stocks experienced a modest decline following an increase in oil prices due to heightened tensions between the United States and Iran. This has raised concerns about inflation and expectations of interest rate hikes by the European Central Bank. The Stoxx 600 index dipped to 649.17 points, while the German DAX index saw a slight decrease. Switzerland's index fell by 1.2%. The energy sector index rose by 1.2%, amid ongoing fears of prolonged disruptions to oil supplies in the Middle East, which have also intensified inflation worries and the potential for further monetary tightening in the region. Additionally, the market was affected by weak clinical trial results from Novartis and polls indicating the Alternative for Germany (AfD) leading in Saxony-Anhalt state elections. Investors are awaiting US consumer price index data for the eurozone and its impact on interest rate hike prospects.
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