Major European bourses were in the red on Friday, with the STOXX 50 dropping 1.4% and the STOXX 600 declining 1%, as rising geopolitical tensions in the Middle East triggered a broad flight to safety. Israel's launched a wave of strikes against Iran targetting nuclear infrastructure and military facilities, killing two top Iranian commanders.
Israel has warned of further action, while Iran has vowed retaliation and has already deployed drones toward Israeli territory. Travel and leisure stocks were among the weakest performers while oil, gas, and defense stocks outperformed amid heightened security risks and rising energy prices.
Deutsche Bank (-2.6%), Unicredit (-2.4%), and Adidas (-2.4%) were among the biggest laggards while stocks of Shell, Eni, Repsol, RWE, Rheinmetall, Thales, were up more than 1%. For the week, the STOXX 50 is down 1.3%, and the STOXX 600 has lost 0.7% so far
Source: Trading Economics
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