European Shares Retreat Amid Tensions Over Hormuz
(RTTNews) - European stocks declined on Friday amid signs that the U.S. and Iran have made little progress toward de-escalating the Middle East conflict.
The Strait of Hormuz remained effectively closed, keeping oil prices elevated and raising concerns that tensions may persist for longer than expected.
According to a Wall Street Journal report, the U.S. military is said to need up to 6 years to replenish the amount of missiles consumed in the war with Iran. The pan-European STOXX 600 fell 0.9 percent to 608.75 after finishing marginally higher on Thursday.
The German DAX dipped 0.3 percent, France's CAC 40 tumbled 1.1 percent and the U.K.'s FTSE 100 was down 0.8 percent.
SAP soared 6 percent after the German business software maker beat first-quarter profit estimates.
Drug discovery and development firm Evotec declined 2.6 percent after its CFO Paul Hitchin stepped down for personal reasons.
Sweden's Hexagon fell 2.4 percent after reporting a slight rise in its Q1 earnings.
Electrolux plummeted 24 percent after the appliance maker unexpectedly slipped to a loss in the first quarter as a result of higher U.S. tariff costs.
Italian energy group Eni gained 1 percent after raising its 2026 share buyback plan by about 90 percent.
British paper and packaging group Mondi lost 8 percent after reporting a sharp decline in its first-quarter profit.
Grocer J Sainsbury advanced 1.5 percent after launching a share buyback program of up to £300 million.
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