European stock markets close aimlessly amid war signals
European stock markets closed without a single direction this Friday (29) as investors followed news about a possible extension of the ceasefire between the United States and Iran.
The indices gained some momentum in the final stretch of trading, after US President Donald Trump stated that "less important points were agreed" and that he would enter a meeting to decide on the conflict.
The relief in oil fears helped sectors sensitive to economic growth, while investors also monitored indicators in the region and geopolitical developments in Eastern Europe.
In London, the FTSE 100 closed down 0.16%, at 10,409.28 points. In Frankfurt, the DAX rose 0.08%, to 25,113.06 points. In Paris, the CAC 40 lost 0.07%, to 8,183.34 points. In Milan, the FTSE MIB advanced 0.42%, to 50,036.75 points. In Madrid, the Ibex 35 rose 0.75%, to 18,415.90 points. In Lisbon, the PSI 20 lost 0.12%, to 9,076.53 points. Quotes are preliminary.
European markets gained momentum and rose after Trump announced that he will participate in a meeting this afternoon to make a final decision on Iran, making progress conditional on the guarantee that the Persian country will never have a nuclear weapon and will leave free navigation in the Strait of Hormuz.
On the economic agenda, the review of the French GDP (Gross Domestic Product) showed a contraction of 0.1% in the first quarter, frustrating projections. Germany's annual CPI, in turn, slowed to 2.6% in May, below expectations.
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The aerospace and defense sector rose again. Airbus advanced around 1.2%, while Poland's Creotech Instruments rose more than 4%, as the segment's rally continued after a Russian drone hit a residential building in Romania and amid prospects for increased European defense spending.
In the pharmaceutical sector, GSK fell around 1.4% even after Jefferies highlighted the potential of its experimental drug against hepatitis B. Bayer came under pressure and gave in 4.2% after the same bank reiterated concerns about the company's legal disputes in the United States.
Banks (+1.06%) and companies linked to travel and leisure (+1.21%) were also among the highlights of the trading session.
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Source: CNN