European stocks drop as Trump extends Iran strike pause and G7 ministers discuss Middle East tensions
Trump extends hiatus
European markets resumed declines following a downturn on Thursday, as investors grappled with mixed messages on Middle East peace talks.
On Thursday, Trump announced a 10-day extension to the pause on attacks on Iranian energy facilities to facilitate negotiations.
He stated on Truth Social, “As per Iranian Government request… I am pausing the period of Energy Plant destruction,” while also expressing positivity about the ongoing discussions.
Trump also claimed that Iran permitted 10 oil tankers to pass through the strait this week as a gesture, though Tehran has not publicly verified this.
In G7 news, foreign ministers gathered in France for their second day of meetings focusing on the conflicts in Iran and Ukraine. South Africa’s participation as an observer was impacted after France reportedly withdrew the invitation due to U.S. threats.
Asian markets saw declines overnight, and U.S. stocks also ended lower.
In corporate news, drink manufacturers Pernod Ricard and Brown-Forman, owner of Jack Daniel’s, are reportedly in discussions about a merger amid an ongoing downturn in the alcohol industry.
Both companies confirmed the talks, which could merge the world’s second-largest spirits producer with the leading American whiskey manufacturer. Pernod shares rose 8% by the end of the session.
