European Markets Close Weak On Geopolitical Concerns

(RTTNews) - European markets closed weak on Monday as investors largely refrained from making big moves amid worries about escalating Middle East tensions and higher crude oil prices, as well weak Chinese data.

Brent crude futures climbed to $90.68 a barrel, up nearly 2.5% from previous close, as renewed fighting in Lebanon and further tanker attacks in the Strait of Hormuz clouded prospects for ending the U.S.-Iran war.

Chinese consumer spending stalled in July, urban investment contracted at a faster pace and unemployment ticked higher, adding to pressure on Beijing to step up policy response in the second half of the year.

The pan European Stoxx 600 fell 0.22%. The UK's FTSE 100 dropped 0.28%, Germany's DAX closed lower by 0.38% and France's CAC 40 settled 0.66% down, while Switzerland's SMI lost 0.61%.

Among other markets in Europe, Austria, Denmark, Ireland, Netherlands, Poland, Portugal, Russia, Spain, Sweden and Türkiye closed weak.

Belgium, Finland, Greece and Norway ended higher, while Czech Republic and Iceland closed flat.

In the UK market, mining stocks moved higher as the U.S. dollar slipped towards two-month lows following softer U.S. retail sales and consumer sentiment data released on Friday.

Endeavour Mining, Anglo American Plc and Fresnillo gained 1.7%-2%. Rio Tinto, Glencore and Antofagasta climbed 0.8%-1%.

GSK, Polar Capital Technology Trust, Rolls-Royce Holdings, Convatec Group and Scottish Mortgaged gained 1%-2%.

AstraZeneca edged higher. The drug major announced positive results from SAFFRON Phase III trial.

Howden Joinery Group, Diageo, Sainsbury (J), Experian and Croda International drifted down 3%-3.6%.

Tesco ended nearly 3% down. Burberry Group, JD Sports Fashion, AutoTrader Group, Informa, Associated British Foods, ICG, Relx, Games Workshop, Whitbread, British American Tobacco, Reckitt Benckiser, Persimmon, Unilever, Coca-Cola Europacific Partners, Severn Trent, IAG, Imperial Brands and Vodafone Group declined sharply.

In the German market, Zalando, Adidas, Scout24, Beiersdorf, Henkel, Symrise, Vonovia, BMW, BASF, Deutsche Post, Brenntag, Mercedes-Benz, Hochtief and Porsche Automobil Holding ended down by 1%-3.5%.

Deutsche Boerse, Siemens Energy, Rheinmetall and Daimler Truck Holding gained 1%-1.8%.

In the French market, Kering, Stellantis, Saint-Gobain, Teleperformance, Danone, LVMH, L'Oreal, Capgemini, Edenred, EssilorLuxottica, Hermes International, Pernod Ricard and Dassault Systemes lost 1.4%-4%.

STMicroelectronics climbed 3.2%. Sanofi moved up 1.5%. Schneider Electric advanced 0.8%.