European Stocks Trade Flat as US-Iran Talks Are Cancelled
European stocks were largely unchanged on Friday as investors moved away from riskier assets following the cancellation of planned US-Iran peace negotiations.
The pan-European STOXX 600 index fell by 0.1% in early trading. Losses in mining and utility stocks offset gains across the energy and defence sectors.
Peace Talk Cancellation Raises Market Uncertainty
European markets lost momentum after Switzerland confirmed that talks between US and Iranian representatives would not take place on Friday.
US Vice President JD Vance reportedly cancelled his planned trip to Switzerland. The decision increased uncertainty over whether Washington and Tehran can secure a lasting agreement to end the Middle East conflict.
European stocks had reached record highs earlier in the week. The rally was supported by signs of progress in the peace process and the gradual reopening of the Strait of Hormuz.
The strategic waterway plays a crucial role in global energy markets because a significant share of international oil shipments passes through it.
Entain Shares Rise on Possible Joint Venture Sale
Entain shares climbed by 1.7% after Reuters reported that the Ladbrokes owner had started reviewing strategic options for its joint venture in Central and Eastern Europe.
The available options reportedly include a potential sale of the business.
ASML Falls on China Export Concerns
ASML shares declined by 1.8% following a Bloomberg report involving possible violations of US-led technology export restrictions.
According to the report, US Commerce Secretary Howard Lutnick informed ASML that Washington was concerned one of the company’s advanced chipmaking machines may have reached China despite existing controls.
The development added fresh pressure to the European semiconductor company as governments continue to tighten restrictions on advanced technology exports to China.
