European stocks fall as tech sector faces worst day since February 3
CNBC • • general
Key Points:
- The Stoxx Europe Technology index dropped 2.8%, marking its worst day since early February, with chipmakers being the hardest hit amid heightened geopolitical tensions.
- U.S. President Donald Trump announced that the conflict with Iran could last another two to three weeks, warning that U.S. forces would "hit" Iran "extremely hard," which caused U.S. stock futures and Asian markets to decline.
- Oil prices surged significantly, with Brent crude rising over 6% to $107.98 following Trump's address, continuing a sharp upward trend since strikes began on Iran in late February.
- European stocks had initially risen ahead of Trump's speech but faced volatility as investors digested the latest developments, alongside concerns over potential new U.S. tariffs on pharmaceutical companies.
- In corporate news, Shell is reportedly negotiating with Venezuela to develop major offshore gas fields, while Ryanair's CEO highlighted the UK's vulnerability to jet fuel shortages due to reliance on Kuwaiti supplies amid the ongoing Iran conflict.
