European stock markets opened higher, but tensions in the Middle East could pressure the markets to close the week in negative territory.

European stock markets opened higher, but tensions in the Middle East are pressuring markets to close the week in negative territory for the first time in five weeks, despite support from mining and airline stocks.

July 10, 2569 at 14.47:XNUMX a.m., Reuters reported that European stock markets traded in a narrow range at the opening of trading on Friday (July 10). Buying pressure across several industry sectors was offset by selling pressure on technology stocks, while investors continued to assess the renewed tensions in the Middle East, leading the index to likely close the week in negative territory.

European STOXX 600 Index The index rose 0.2% to 642.42 points at 07.14:4 GMT, but remains downward-trending for the rest of the week. If this happens, it would end a four-week winning streak.

Most stocks in the STOXX 600 index rose, with mining leading the market with a 2% gain, followed by travel and leisure with a 1% increase.

Airline stocks strengthened, with UK airline EasyJet surging 13.4% after the company revealed it had reached a preliminary agreement to acquire the airline from Apollo Global Management for £5.7 billion (approximately US$7.65 billion).

However, semiconductor stocks continued to face selling pressure, with Siltronic down 2%, Soitec declining 2.8%, and ASML, a major European chip manufacturing machine manufacturer, falling 2%.

Investors remain cautious ahead of SK Hynix's US listing due to concerns that artificial intelligence (AI) related stocks are already relatively overvalued, which could limit the upside potential of the chipmaker's shares.

Meanwhile, geopolitical tensions have once again pressured markets following reports that Iranian forces attacked US military infrastructure in the Persian Gulf on Thursday. This shook the ceasefire that had been in place for about three weeks and increased uncertainty about the direction of the regional conflict, causing investors to become more cautious in their investments.

refer : www.reuters.com

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