European shares climb on Iran sanctions relief, defence gains
- The pan-European STOXX 600 was up 0.3% at 656.14
European shares edged higher on Tuesday as investors took comfort in a softer-than-feared US sanctions package against Iran, while gains in defence stocks boosted sentiment.
The pan-European STOXX 600 was up 0.3% at 656.14, as of 0718 GMT, with defence stocks leading sectoral gains, up 1%.
On Monday, the Trump administration warned countries to cut their business ties with Iran or face secondary sanctions as part of what it billed as an “economic D-Day,” though the Treasury Department stopped short of imposing any penalties.
Oil prices fell further as traders saw little immediate threat to global crude supplies from the latest US measures. Iran promised to retaliate against the expanded US sanctions and said it was confident major trading partners would resist Washington’s pressure campaign.
European stocks steady as investors weigh Hormuz risks, data calendar
Meanwhile, US Treasury yields eased from recent peaks after reports the Treasury may use its cash reserves to fund larger debt buybacks, which could reduce the need for additional sales of short-term bills.
The tech sector rose 0.3%, with investors awaiting Nvidia’s results on Wednesday amid concerns the chipmaker may struggle to meet lofty expectations.
Comments