Europe stocks close lower in shadow of Middle East tensions; Ericsson shares up nearly 2%
Publishing timestamp: 2024-04-16 11:38:04
Summary
European markets closed lower on Tuesday due to elevated geopolitical tensions in the Middle East. Mining stocks led losses, while telecoms stocks managed smaller losses after Ericsson posted better-than-expected first-quarter profit. U.S. stocks were mixed, with attention on big banks beating earnings estimates. Crude oil futures fell for the second day as U.S. expects limited response from Israel to Iran's air assault. British pound traded at a 5-month low against the dollar following U.K. jobs data. Shares of U.K.-based fintech Wise were down after issuing a trading update. Dr. Martens shares plunged after flagging a challenging outlook. U.K. employment rate fell, while wage growth exceeded expectations. Swedish telecom firm Ericsson reported strong operating profit. Nasdaq Composite slipped below its 50-day moving average for the first time since November 2023. Oil prices were volatile amid geopolitical risks. Asian markets had a mixed start to the year. European markets are set to open lower with earnings expected from Ericsson and LVMH. Germany's ZEW survey of economic sentiment will be released.
Sentiment: MIXED
Tickers: .FTSE, A3M-ES, @LCO.1, ERIC.B-SE, .FTMIB, .FCHI, .SPX, MS, @CL.1, .GDAXI, BAC, .IXIC, WISE-GB, .DJI, .STOXX,
Keywords: stoxx 600, government and politics, telefonaktiebolaget lm ericsson, bank of america corp, ftse 100, cac 40 index, breaking news: europe, dax, business news, morgan stanley, sweden, ftse mib, iran, israel,
Source: https://www.cnbc.com/2024/04/16/european-markets-live-updates-stocks-news-data-and-earnings.html