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LONDON — European stock markets rose on Thursday as investors digested the latest coverage of the Iran war and monitored a slew of corporate earnings and central bank decisions.
pan-european Stocks 600 The index rose 0.7% in London by 1:10 p.m. (8:10 a.m. ET), reversing early losses as major stock exchanges were mixed and most regional sectors turned positive.
Media stocks led the decline, falling 1.9%, while mining stocks rose 1.3%.
Earlier, Brent crude oil hit a wartime high of more than $126 a barrel after reports that the U.S. military would brief President Donald Trump on possible action against Iran, raising concerns that armed conflict could resume and Iran’s port blockade would continue.
Prices have since fallen back, with international benchmark Brent crude oil futures for the June contract most recently falling 1.1% to $116.70 a barrel. US West Texas Intermediate price fell 0.1% to $106.76.
Axios, citing two sources familiar with the matter, reported that U.S. Central Command plans to present President Trump with a plan for possible military action against Iran.
In the busy days of corporate profits, Stellantis Sales fell 4% even as the multinational Jeep maker reported first-quarter adjusted operating profit of 960 million euros ($1.12 billion), beating the consensus estimate of 568 million euros. The company, whose brands include Jeep, Dodge, Fiat, Chrysler and Peugeot, also posted a 6% year-over-year increase in net revenue in the first quarter.
in contrast, magnum ice cream company It jumped 10% in early afternoon trading, and organic sales rose 4.5% from a year earlier to 1.77 billion.
volkswagen Despite a 14% drop in profit year-over-year, it increased by 1.5%. The German car giant’s first-quarter profit was 2.5 billion euros ($2.92 billion), lower than analysts expected.
french bank BNP Paribas and société generale They fell 3.8% and 4.6%, respectively, after the first quarter results were announced. BNP Paribas’ first-quarter profit rose 9% to 3.22 billion euros. SocGen’s group net profit increased by 5.5% year-on-year to €1.69 billion.
The European Central Bank and Bank of England decided on Thursday to leave key interest rates on hold, as expected, as the Iran war continues to pose a dilemma for policymakers.
Meanwhile, growth in the eurozone has stagnated in recent months, with the single currency bloc’s GDP accounting for just 0.1% in the first quarter, preliminary data showed. Eurozone inflation rose 3% in April, up from 2.6% in the 12 months to March.
Today is another busy day for revenue. schneider electric, unilever, glencore, ING, DHL Group, credit agricole, standard chartered, BASF, Ferrovial, erste group bank, arcelor mittal, danske bankand Air France-KLM Royal Dutch Airlinesamong other things, all report revenue.
—CNBC’s Lee Ying Shan contributed to this market report.
