Smoke rises from a building destroyed by an Israeli airstrike as journalists and local residents visit during a press tour on October 2, 2024 in Beirut, Lebanon.
LONDON — European stocks moved lower Thursday as conflict in the Middle East weighs on regional investor sentiment.
The pan-European Stoxx 600 was down 0.65% by 11:07 a.m. London time, with all sectors and major bourses trading in the red. Mining stocks shed 1.35%, while tech stocks lost 1.17%.
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Auto stocks also slumped 1.87% on reports that the European Union could push through tariffs of up to 45% on Chinese electric vehicle (EV) makers as soon as Friday — a move European carmakers have opposed. Stellantis fell 4.3%, while Porsche, Volvo and Renault also traded more than 2% lower.
European stocks closed mixed yesterday as investors assessed the ongoing conflict in the Middle East and assessed fresh unemployment data in the euro zone that showed unemployment across the euro zone held steady on the month at a record-low 6.4% in August.
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Israel attacked central Beirut early Thursday, killing at least six people, as it pursues Iran-backed armed group Hezbollah. Israel began ground incursions in Lebanon on Tuesday and the strike on Beirut earlier today comes after Iran fired roughly 180 ballistic missiles at Israel earlier this week. Israeli authorities say there were no casualties as a result of the offensive, and that most of the missiles were intercepted.
In the Asia-Pacific region overnight, Hong Kong stocks plunged as the China stimulus rally, seen after authorities announced a slew of support measures last week, appeared to ease. Markets in mainland China remain closed until Oct. 8.
Money Report
Meanwhile, U.S. stock futures edged lower Wednesday night as investors look ahead to the release of weekly initial jobless claims data on Thursday and September's payrolls report, due on Friday.
