[Europe Open] Early Decline Amid Rising Geopolitical Uncertainty from Middle East
European stock markets showed a downward trend in early trading on the 9th (Korean time) amid growing uncertainty following the attack on Israel by the Palestinian armed group Hamas.
According to CNBC and other sources, as of 4:15 PM Korean time, the Euro Stoxx 600 index was trading at 443.35, down 0.36% from the previous trading day.
The UK FTSE index fell 0.07% to 7,489.51, the French CAC index dropped 0.77% to 7,005.78, and the German DAX index declined 0.74% to 15,117.26 compared to the previous trading day.
CNBC reported, "Following Hamas's attack on Israel, investors expressed concerns over geopolitical turmoil in the Middle East, leading European markets to start lower."
In fact, due to these concerns, international oil prices such as West Texas Intermediate (WTI) and Brent crude futures surged about 4% in a single day, while safe-haven assets like the dollar and gold strengthened.
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The situation also caused a sharp drop in airline stocks in early trading. According to The Guardian, on the London Stock Exchange, IAG, which owns British Airways, saw its stock price plunge 5%, while Wizz Air fell 7%, and easyJet dropped nearly 4%.
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