LIVE MARKETS-STOXX shudders as Iran conflict lifts oil, sinks travel

Reuters03-02 17:37

LIVE MARKETS-STOXX shudders as Iran conflict lifts oil, sinks travel

Adds blog post

STOXX 600 down 1.3%

Energy stocks lead, defence up

Airlines, banks, chemicals fall

Wall St futures down over 1%

Welcome to the home for real-time coverage of markets brought to you by Reuters reporters. You can share your thoughts with us at markets.research@thomsonreuters.com

STOXX SHUDDERS AS IRAN CONFLICT LIFTS OIL, SINKS TRAVEL

The military conflict in Iran shaped price action across European equity markets in morning trading on Monday, with a steep jump in crude prices driving energy stocks .SXEP up over 2% to a record high, while airlines and travel stocks .SXTP were among the hardest hit, down around 4% as the prospect of higher fuel costs and flight disruption clouded their earnings outlook.

Energy‑intensive chemicals .SX4P were also sold, while the broader risk‑off mood pushed banks .SX7P into their biggest one‑day drop since the April 2025 tariff shock, down nearly 4% at one point.

Defence .SXPARO was a bright spot as the escalation in the region added to expectations of higher U.S. defence spending. Shipping stocks such as Maersk and Frontline also rose as bottlenecks in key transport routes raised hopes they could increase freight rates.

Overall, the region‑wide STOXX 600 .STOXX was last down 1.3%, while volatility .V2TX spiked to its highest since November.

(Danilo Masoni)

*****

EARLIER ON LIVE MARKETS:

BEFORE THE BELL: EUROPE'S FUTURES DOWN SHARPLY; DEFENCE, AIRLINES, OIL STOCKS ON THE RADAR CLICK HERE

DIRE STRAITS FOR GLOBAL OIL TRADE CLICK HERE

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You can share your thoughts with us at markets.research@thomsonreuters.comSTOXX SHUDDERS AS IRAN CONFLICT LIFTS OIL, SINKS TRAVELThe military conflict in Iran shaped price action across European equity markets in morning trading on Monday, with a steep jump in crude prices driving energy stocks .SXEP up over 2% to a record high, while airlines and travel stocks .SXTP were among the hardest hit, down around 4% as the prospect of higher fuel costs and flight disruption clouded their earnings outlook.Energy‑intensive chemicals .SX4P were also sold, while the broader risk‑off mood pushed banks .SX7P into their biggest one‑day drop since the April 2025 tariff shock, down nearly 4% at one point.Defence .SXPARO was a bright spot as the escalation in the region added to expectations of higher U.S. defence spending. 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