European stocks dip after third straight gain
European stocks declined after three consecutive days of gains due to rising oil prices and global bond yields, which negatively impacted investor confidence. The STOXX 600 index dropped by 0.5%, while the DAX, FTSE, and CAC indices declined by varying degrees, led lower by the technology and mining sectors. Oil prices rose by approximately 1%, supported by a balance between supply constraints caused by a storm in the United States and Yemeni attacks on Saudi Arabia, along with increased supplies from the Middle East. Additionally, U.S. and European bond yields edged higher, with French bond spreads widening amid financial tensions ahead of the upcoming presidential elections. Meanwhile, shares of the British P&I Group fell by 15.4% after announcing a fully covered rights issue worth £550 million and plans to cut dividends to address operational challenges.
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