The STOXX 50 fell 0.6% and the STOXX 600 fell 0.4% on Monday, reflecting a slight flight to safety as tensions in the Middle East escalated. Market sentiment was shaken after the US became more involved in the Israeli conflict, launching an attack on Iran over the weekend.
Despite the heightened geopolitical risks, the market reaction was less severe than anticipated, with traders awaiting Iran's response and hoping the conflict could be resolved. The main concern remains the potential closure of the Strait of Hormuz, which could significantly disrupt oil markets.
Meanwhile, flash PMIs painted a mixed picture, with private sector activity in Germany picking up again, while in France it continued to contract. On the corporate side, Novo Nordisk shares fell more than 2%, despite reporting generally positive results from a late-stage trial of its weight-loss drug, CagriSema. In contrast, ASML Holding rose more than 1%, trying to recover from the sharp losses suffered in the previous week. (alg)
Source: Trading Economics
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