European shares slip as US-Iran tensions escalate
European shares moved slightly lower as investors reacted cautiously to renewed tensions between the United States and Iran following reported attacks in Gulf waters.
The developments added to concerns in global markets, while oil prices remained elevated, News.Az reports, citing foreign media.
The pan-European STOXX 600 index fell 0.1 percent to 604.68 points at 07:04 GMT, extending losses after recording its largest single-day decline in a month on Monday.
Major regional stock markets also traded lower, with London’s FTSE 100 dropping around 1 percent.
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Rising oil prices have placed additional pressure on energy-dependent European economies, raising concerns about inflation and increasing expectations that the European Central Bank could raise interest rates two to three times this year.
The latest escalation in the Middle East comes after US President Donald Trump’s efforts to facilitate the passage of stranded vessels through the Strait of Hormuz, a key global shipping route.
By Nijat Babayev
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