European stocks fall to 6-week low amid tensions, Ericsson shares soar

Europe’s main stock index neared a six-week low on Tuesday, falling 1.4 per cent due to investors avoiding risky assets amidst Middle East tensions, Reuters reported.

This led the pan-European STOXX 600 to its worst day in nearly nine months. Major indexes in Germany, France, Italy, and Spain also plummeted between 1.4 per cent and 1.8 per cent. However, Ericsson’s shares soared by 6.1 per cent after its first-quarter adjusted profit exceeded market expectations.

Other notable movements include Naturgy’s 5.7 per cent jump following potential takeover talks, Topdanmark’s 4.8 per cent rise after reporting above-expectation profits, and Fresenius’s 3.4 per cent increase after launching a new healthcare product.

Nonetheless, Voestalpine fell 6.1 per cent after a downgrade by JPMorgan, and Anglo American and Rio Tinto dropped 3.5 per cent and 2.4 per cent, respectively, due to weaker non-ferrous metal prices.