European stocks slip as energy prices climb and bond yields hit highs

European stocks closed mostly lower on Monday as rising government bond yields, firmer oil prices and continued geopolitical tensions in the Middle East weighed on sentiment, offsetting support from a weaker U.S. dollar and reduced expectations of another Federal Reserve rate hike. The STOXX Europe 600 fell 0.22% to 656.41, after earlier gains led by technology and mining shares faded. Among major indexes, Spain’s IBEX 35 posted the steepest decline, falling 0.87% to 19,981.9, while France’s CAC 40 lost 0.66% to 8,579.6, Germany’s DAX 40 fell 0.38% to 26,338.61 and the UK’s FTSE 100 slipped 0.28% to 10,720.3. Italy’s FTSE MIB edged up 0.01% to 53,586.98. Brent crude traded around $89 a barrel as uncertainty around the U.S.-Iran conflict and disruption risks to regional energy flows renewed concerns about inflation and European growth. Investors also reassessed the U.S. rate outlook after weaker-than-expected retail sales and labor-market data pushed the dollar index down to about 99.19, its lowest level in roughly 10 weeks, while the euro rose about 0.16% to around 1.1589. Markets are now focused on the minutes of the Fed’s July meeting for further signals on interest rates.

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European stocks slip as energy prices climb and bond yields hit highs - CoinPost Terminal