Oct 4 2024: European markets remained muted on Friday as investors weighed the risk of a broader regional conflict in the Middle East. However, strong performances in energy stocks helped the benchmark index stay stable.
The pan-European STOXX 600 was unchanged at 516.40 points as of 0709 GMT and is on course for its worst week since early September, assuming losses persist.
Oil stocks rose by 0.7%, setting the stage for their strongest weekly performance in almost six months. The energy sub-index has climbed 4.1% this week, making it the only sector to post gains.
Concerns over oil supply disruptions grew as the U.S. considered whether to back Israeli strikes on Iran’s oil facilities, in response to Tehran’s missile attack on Israel.
Several ECB officials, including Luis de Guindos, Claudia Buch, and Frank Elderson, are scheduled to speak at various events throughout the day.
Meanwhile, rate-sensitive real estate stocks provided some support, rising 0.6%.
In individual stock moves, Denmark’s DSV surged 6.6% after the transport company raised $5.5 billion through a share issue to partially fund its acquisition of Schenker.
