Energy Transition & Power Demand▼impact 4
European Shares Decline As Oil And Bond Yields Surge On US-Iran Tensions
European stocks fell notably on Tuesday as escalating Middle East tensions spooked markets. The pan-European STOXX 600 index dropped 0.7 percent to 636.38, while Germany's DAX and the UK's FTSE 100 both dipped around 0.6 percent and France's CAC 40 lost 0.9 percent. Eurozone, US and UK 10-year bond yields rose to eight-week highs as crude oil futures scaled a one-month high after the announcement of a renewed US blockade of Iranian ports near the Strait of Hormuz. Energy giants BP and Shell rallied 2.3 percent and 1.5 percent respectively as Brent crude futures climbed toward $87 a barrel. Sweden's Ericsson plummeted 8 percent after warning of weaker profitability in its networks business, while Norway's DNB Bank tumbled 3.3 percent on a slightly lower second-quarter profit.