European stock markets closed lower on Friday as heightened tensions in the Middle East rattled investors, overshadowing optimism from improving US-China trade relations.
The pan-European Stoxx Europe 600 index dropped 0.89% to finish at 544.94 points. Germany’s DAX 40 fell 1.07% to 23,516.23, France’s CAC 40 declined 1.04% to 7,684.68, and Italy’s FTSE MIB 30 tumbled 1.28% to 39,438.75. In the UK, the FTSE 100 slipped 0.39%, ending the session at 8,850.63.
Investor sentiment deteriorated sharply after Israel launched a large-scale military strike on Iran, raising fears of a broader regional conflict. The attack, which killed dozens including top Iranian commanders and nuclear scientists, prompted Iran to request an emergency UN Security Council meeting and pledge severe retaliation.
The euro also lost ground amid the uncertainty, declining 0.181% against the US dollar to trade around 1.156 as of 7.20 p.m. local time (1620GMT).
While markets had been buoyed earlier in the week by signs of progress in US-China trade talks, the sudden spike in geopolitical tensions shifted investor focus toward safe-haven assets and away from equities.
“Geopolitical shocks like this tend to spike volatility and reduce risk appetite,” said one analyst. “Even positive news like easing trade friction takes a backseat when investors are concerned about military escalation and energy market disruption.”
Market participants will be closely monitoring developments over the weekend for further clues on how the conflict may evolve and its potential impact on global markets.
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Russia has launched its new nuclear-powered submarine, the Khabarovsk, at the Sevmash shipyard in Severodvinsk, the Defence Ministry said Saturday.
Russia has condemned the United States for using what it called excessive military force during counter-narcotics operations in the Caribbean, saying the actions breach both U.S. and international law.
At least 21 people have been killed and more than 30 are missing after a landslide struck Kenya’s Elgeyo Marakwet East region in the Rift Valley following days of heavy rain, authorities said.
Ukraine’s top military commander has confirmed that troops are facing “difficult conditions” defending the strategic eastern town of Pokrovsk against a multi-thousand Russian force.
Residents of Hoi An, Vietnam’s UNESCO-listed ancient town, began cleaning up on Saturday as floodwaters receded following days of torrential rain that brought deadly flooding and widespread destruction to the central region.
The United Nations has warned of a catastrophic humanitarian situation in Sudan after reports emerged of mass killings, sexual violence, and forced displacements following the capture of al-Fashir by the Rapid Support Forces (RSF).
Egypt has inaugurated the Grand Egyptian Museum near the Great Pyramid of Giza, unveiling the world’s largest archaeological museum and a modern cultural landmark celebrating over 7,000 years of history.
Russia has launched its new nuclear-powered submarine, the Khabarovsk, at the Sevmash shipyard in Severodvinsk, the Defence Ministry said Saturday.
Nigeria welcomes U.S. help against Islamist insurgents if its territorial integrity is respected, responding to Trump’s threats over alleged mistreatment of Christians.
Pope Leo on Sunday appealed for an immediate ceasefire and the opening of humanitarian corridors in Sudan, saying he was following with "great sorrow" reports of terrible brutality in the city of Al-Fashir in Darfur.
The Philippines and Canada signed a pact on Sunday for their armed forces to train on each other's soil, boosting defence cooperation to tackle common security concerns in the Indo-Pacific region.
Start your day informed with AnewZ Morning Brief: here are the top news stories for 2 November, covering the latest developments you need to know.
The U.S. has carried out another deadly strike on a suspected narco-trafficking vessel in the Caribbean.
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