European Indexes Slide as Higher Oil Weighs on Defense Stocks, Banks
Dow Jones
Sep 09
0721 GMT - European indexes fall at the open as an escalation in U.S.-Iran tensions lifts oil and weighs on sentiment. Banks, luxuries and energy-intensive stocks fall as the Europe-wide Stoxx 600 is 0.4% lower. The German DAX falls 0.5%, dragged by a 2.5% loss for defense group Rheinmetall. In Paris, the CAC 40 slips 0.6% as defense group Thales falls 1.9%. Luxury bellwether LVMH declines 1.25%. London's FTSE 100 is 0.2% lower. Luxury retailer Burberry Group loses 2.7% while BAE Systems drops 1.7%, though oil majors cushion the index's losses. Italy's FTSE MIB falls 0.4%, while Spain's IBEX 35 slides 0.9% as index-heavyweight Inditex drops 3.3% after earnings. The Dutch AEX drops 0.2% a AI-related stocks weaken.
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