European stock markets close higher as oil declines
European stock markets closed mostly higher this Thursday (4) with investors dividing their attention between Israel and Lebanon's negotiations for a truce and uncertainties about war in Iran.
The drop in oil prices after the ceasefire helped to alleviate some of the markets' inflationary fears, while part of the tech sector remained under pressure after Broadcom's earnings report.
In London, the FTSE 100 closed up 0.27%, at 10,360.32 points. In Frankfurt, the DAX rose 0.48%, to 24,916.19 points. In Paris, the CAC 40 gained 1.15%, at 8,244.29 points. In Milan, the FTSE MIB advanced 0.27%, to 50,174.36 points. In Madrid, the Ibex 35 rose 0.37%, to 18,243.50 points. In Lisbon, the PSI 20 lost 0.88%, to 8,919.68 points. Quotes are preliminary.
"Market sentiment continues to be supported by the expectation that an agreement between the United States and Iran is close," stated LBBW, adding that the successive frustrations with these negotiations have not yet caused any relevant impacts.
Next week's meeting of the ECB (European Central Bank) was also on the radar. Fitch projects a rise in interest rates, as does KBC Bank - which sees this movement "fully incorporated" into prices. In macroeconomic news, retail sales in the euro zone fell 0.4% in April compared to March, a result slightly worse than expected.
Among stocks, Rémy Cointreau soared almost 10% after presenting a transformation plan to increase operating profit by around 100 million euros by 2029. Jefferies highlighted that the results came in slightly above consensus.
Trump's new tariffs have a more solid legal basis, says Figueiredo | MORNING CALL
On the negative side, Universal Music fell close to 4.5% in Amsterdam after the sale of the stake in Bill Ackman's Pershing Square. Nokia fell around 6%, following the release of Broadcom's results, which put pressure on part of the tech sector, while the rest managed to extend gains in the trading session, such as Germany's SAP (+5.5%).
Among banks, Commerzbank (+1.21%) remained on the radar after asking the German financial regulator to review the levels of adherence to the takeover offer made by UniCredit (+1.05%).
*With information from Dow Jones Newswires.
Understand the fate of the dollars raised by Trump's tariffs
Source: CNN