European Stocks Move Mixed, Oil Continues to Rise
European stocks closed mixed on Thursday (May 21), although concerns that oil supplies will not recover anytime soon triggered a rebound in bond yields. The Eurozone STOXX 50 closed flat at 5,974, while the STOXX 600 rose 0.2% to 622.
Media reported that Iran's Supreme Leader ordered near-weapons-grade uranium to remain domestically, strengthening Tehran's position against a key US demand in peace negotiations. This report pushed oil prices higher, adding to concerns about inflationary pressures.
Meanwhile, Nvidia's earnings report failed to generate investor enthusiasm despite beating expectations, leaving the AI sector broadly unaffected. Preliminary Eurozone PMI data also showed a larger-than-expected impact on private sector activity, driven by the effects of the war with Iran.
In the banking sector, most stocks fell as yields rebounded, with UniCredit and Intesa Sanpaolo falling 2%. The chemical sector performed positively, with BASF and Air Liquide rising around 2%.
Variables to monitor: developments in US-Iran negotiations, oil prices, revised Eurozone PMIs, and bond yield movements.
Source: Newsmaker.id
