European markets slip over crude oil price drop

European shares mostly fell on Tuesday’s midday trading, weighed down by a significant drop in crude oil prices following a reduction in concerns over potential Israeli attacks on Iranian energy facilities.

By 6:51 ET (10:51 GMT), the pan-European STOXX 600 index was down 0.31 per cent, driven by losses in energy stocks.

Germany’s DAX gained 0.36 per cent after a positive economic sentiment report, while France’s CAC 40 dropped 0.76 per cent. Switzerland’s SMI slipped 0.03 per cent, London’s FTSE 100 also fell 0.58 per cent, and Spain’s IBEX 35 managed a 0.29 per cent rise.

Shares of major energy companies like TotalEnergies SE and BP Plc plunged by 2.62 per cent and 17.05 per cent as of 7:49 ET as Brent crude fell below $75 per barrel.

The decline came after reports indicated that Israel does not intend to target Iranian oil facilities, coupled with the International Energy Agency’s forecast of a supply surplus next year.

European beauty stocks, including LVMH, L’Oreal SA, and Puig Brands SA, also struggled, following a sales-growth downgrade from U.S. company Coty Inc.

Attribution: investing.com, Amwal Al Ghad English, Reuters

Subediting: Y.Yasser