European stocks rise as uncertainty over Iran war persists and Bellway shares plunge 17.5% amidst mortgage market concerns
European stocks closed higher on Tuesday despite ongoing uncertainty regarding the Iran war, with markets fluctuating throughout the day.The pan-European Stoxx 600 ended up almost 0.5%, with most sectors closing positively and major regional bourses finishing higher.
Oil and gas stocks, telecoms, and chemicals led the gains while miners, industrials, and retail stocks lagged.
In corporate news, Bellway shares fell 17.5% after the U.K. homebuilder warned of “volatility” in the mortgage market due to inflationary pressures.
Oli Creasey from Quilter Cheviot highlighted concerns over profit margins, which have reduced by 50 basis points.
Beauty conglomerate Estée Lauder announced discussions with Puig about a potential merger, resulting in Puig’s shares closing 13.4% higher.
Gains this Tuesday follow a positive Monday session after U.S. President D.J. Trump indicated productive talks aimed at resolving the Iran conflict.
He expressed a desire for a deal with Iran, although Tehran later denied any discussions with the U.S.
Oil prices, which had previously dropped sharply, rebounded with global benchmark Brent crude futures rising 4% to $103.97 a barrel.
Corporate developments
The mixed performance across sectors reflects investor sentiment amid geopolitical tensions.
Ongoing developments in the Iran conflict will likely influence market dynamics in the coming days.
