Thursday, 23 May 2024

European stocks hit month-low due to tension in the Middle East

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European stock markets opened lower on Friday to record their lowest levels in more than a month after the escalation of the conflict in the Middle East raised concerns among traders around the world, while L’Oreal shares rose (EPA:OREP) after the giant French company specializing in the manufacture of cosmetics achieved… Cosmetics results better than quarterly sales estimates.

According to Reuters, the European Stoxx 600 index fell 0.6% by 0714 GMT, losing 1.6% this week. The index is heading towards recording the largest weekly decline since last October if losses continue.

Financial market indices in major European economies such as Germany, France, Italy and Spain declined by rates ranging between 0.6% and 0.9%.

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The escalating tension in the Middle East kept traders in a state of anxiety due to fears that rising commodity prices could lead to increased inflation and the European Central Bank postponing a strong interest rate cut expected in June.

On the bright side, L’Oreal shares jumped 5.1% after the cosmetics company recorded a nearly 10% increase in first-quarter sales year-over-year. The broader personal and household goods sector index rose 0.4%.

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