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Markets Score 85 Bearish

European Shares Drop as Trump's Remarks Heighten Gulf Tensions

Apr 02, 2026 09:14 UTC
^STOXX, CL=F, ^VIX
Immediate term

European stocks declined following U.S. President Donald Trump's speech, which raised concerns over prolonged Middle East conflict and potential strikes on Iran. The remarks increased fears of energy infrastructure damage in the Gulf, impacting energy and defense sectors.

  • European stocks fell after Trump's speech raised concerns over prolonged Middle East conflict and potential strikes on Iran.
  • The Stoxx Europe 600 index dropped 0.9 percent to 592.33, reversing a 2.5 percent gain from the previous day.
  • Oil prices surged more than 7 percent due to fears of supply disruptions in the Gulf.
  • Iran denied seeking a ceasefire and affirmed control over the Strait of Hormuz, prompting an international conference led by the U.K.
  • Banks and construction firms saw significant declines, while AstraZeneca's stock rose on positive trial results.

European shares fell on April 2, 2026, after U.S. President Donald Trump, in a rare prime-time address, did not specify an end date for the Middle East conflict and warned of further strikes on Iran. The comments heightened concerns about potential damage to energy infrastructure across the Gulf, triggering a market reaction. The pan-European Stoxx Europe 600 index dropped 0.9 percent to 592.33, reversing a 2.5 percent gain from the previous day. Oil prices surged more than 7 percent amid fears of supply disruptions. Iran rejected Trump's assertion that it had pursued a ceasefire, stating the Strait of Hormuz would remain closed under the control of the Islamic Revolutionary Guard Corps (IRGC) Navy. An international conference led by the U.K., involving 35 countries, convened the same day to address the closure of the vital shipping route. The German DAX declined 1.4 percent, while France's CAC 40 fell 0.8 percent. The U.K.'s FTSE 100 showed little movement with a slight positive bias. Banks saw significant declines, with Commerzbank, Deutsche Bank, and BNP Paribas losing 2-3 percent each. Skanska's shares dropped more than 6 percent following its decision to sell its 50 percent stake in the I-4 Mobility Partners HoldCo joint venture. AstraZeneca's stock rose slightly after positive results from a phase III trial of its liver cancer treatment.

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