Business

European Stocks Decline Amid Rising US-Iran Tensions

Brussels: European stocks moved close to their lowest level in a month, pressured by a sharp rise in bond yields, while the escalation of US aggression against Iran fueled concerns over inflation driven by higher energy prices. According to Yemen News Agency, the pan-European STOXX 600 index remained largely unchanged at 647.87 points, with Germany's DAX experiencing a slight decline of 0.2 percent. The United States' increasing aggression towards Iran has pushed Brent crude prices above $95 a barrel, marking their highest level in six weeks. The yield on Germany's 10-year government bonds has reached its highest point since April 2011. Data compiled by LSEG indicates that investors are now predicting nearly a 40 percent chance that the European Central Bank will raise its deposit rate to 3 percent by March 2027. This is a significant increase from the 25 percent probability recorded just last week. Lottomatica, an Italian betting company, saw its shares plunge by 6.3 percent and experienced a temporary su spension in trading after announcing plans to acquire Spain's Cirsa to form a joint entity. The media sector recorded the highest losses among European sectors, with a decline of 1.5 percent. In contrast, telecommunications stocks led the market gains. Nokia shares rose nearly 2 percent following the Finnish telecommunications equipment maker's announcement of rejoining the Euro STOXX 50 index.