The STOXX 50 dropped 1.4% and the STOXX 600 declined 1% on Friday, with both indexes closing nearly one-month lows, as rising geopolitical tensions in the Middle East triggered a broad flight to safety.
Israel's launched a wave of strikes against Iran targeting 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. The auto sector was among the worst performers, namely Stellantis (-3.4%), Ferrari (-2.8%), Mercedes-Benz (-1.6%), and BMW (-1.9%).
On the other hand, oil, gas, and defense stocks outperformed amid heightened security risks and rising energy prices, namely Shell (0.8%), Eni (1%), RWE (1%), Rheinmetall (2.7%), and Thales (0.4%). For the week, the STOXX 50 is down 2.6%, and the STOXX 600 lost 1.7%.
Source: Trading Economi
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