Energy Transition & Power Demand▼impact 4
European Market Summary: Oil and Gas Stocks Rise on US-Iran Tensions
European equity markets edged lower. Weighed down by military exchanges between the US and Iran, the STOXX Europe 600 Oil and Gas index rose 2.22 percent, buoyed by higher crude futures. Meanwhile, the aerospace and defence index fell 1.37 percent, with Norwegian defence major Kongsberg down 6.8 percent. The travel and leisure index lost 1.22 percent, as Germany's Lufthansa dropped 4.1 percent, Ryanair 2.2 percent, and TUI 1.1 percent. In London, the FTSE 100 was nearly flat, while the mid-cap FTSE 250 index added 0.11 percent. The oil and gas index gained 3.02 percent, but the precious metals index slid 2.35 percent. In eurozone bond markets, crude prices climbed after Iran announced a renewed blockade of the Strait of Hormuz, pushing the German 10-year yield up 3.8 basis points to 3.0726 percent.