European markets end flat as oil approaches US$ 100 after Houthi attacks
European stock exchanges closed with mixed results, pressured by rising crude oil prices following recent maritime energy infrastructure strikes. Investors remain on hold ahead of the ECB rate decision.
European financial markets closed without clear direction on Tuesday, the 8th, as investor attention focused on the surge in global oil prices. Brent crude nearly reached US$ 100 per barrel after Houthis attacked energy facilities in Saudi Arabia. This price increase fuels inflation fears while traders await Friday's interest rate ruling by the European Central Bank (ECB). In London, the FTSE 100 fell 0.1% to 10,811.66 points. The DAX in Frankfurt dipped 0.05% to 25,992.92 points, and the Milan stock index lost 0.1% to 52,177.47 points. Paris saw the CAC 40 rise 0.14% to 8,317.98 points, while Madrid's IBEX 35 dropped 0.12% to 19,997.10 points and Lisbon's PSI 20 gained 0.66% to 9,481.29 points. State Street Investment Management considers a 25 basis point hike the most likely ECB outcome, though Pimco anticipates a prolonged pause starting in October unless inflation expectations worsen. Macro data shows German exports shrank 0.8% in July compared to June. In Zurich, pharmaceutical company Novartis shares plummeted roughly 10.5% after its experimental drug failed to meet primary endpoints in a final phase study.
