European Stocks Plunge Amid U.S.-Iran Tensions and Energy Market Turmoil
European stocks fell on Friday, led by declines in technology and materials as U.S.-Iran tensions and energy market instability heightened economic concerns. The STOXX 600 dropped 1.4%, with tech and material stocks hardest hit. Investors expect rate hikes from the European Central Bank, further unsettling markets.
European shares witnessed a significant downturn on Friday, primarily driven by losses in technology and materials sectors. The decline comes amid heightened tensions between the U.S. and Iran, causing a ripple effect in energy markets and renewing fears of an economic slowdown.
Despite data indicating the strongest earnings growth since 2022 for European blue-chips, investors remained wary. German DAX fell 1.7% while France's CAC 40 and Spain's IBEX 35 both dropped 1.4%. The FTSE 100 also slipped by 1.3% as political unrest brewed in the UK.
Across Europe, the materials index fell by 4.3%, tracking declines in metal prices, and tech shares plummeted by 3%. Banking sector stocks decreased by 2%, with notable declines in Barclays and Lloyds. However, Italian semiconductor firm Technoprobe surged after its favorable 2026 outlook update.
(With inputs from agencies.)
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