European Stocks Dip as Gulf Exchanges Stay Shut

European markets opened sharply lower as crude oil prices rose in early trading, alongside gold and other precious metals. U.S. futures also declined as global markets reacted to the Iran conflict, Quirino Mealha reported for Euronews.

Regional indices from Frankfurt to Paris to Milan were all in the red, rattled by an escalating conflict. (Photo: Euronext X)

The Euro Stoxx 50 fell 2% at the open, with the broader Stoxx 600 down 1.8%, and selling pressure showed little sign of easing.

Regional indices from Frankfurt to Paris to Milan were all in the red, rattled by an escalating conflict that has disrupted shipping traffic through the Strait of Hormuz and drawn Hezbollah into the fray.

In London, the FTSE 100 was comparatively resilient, slipping around 0.3%.

Germany’s DAX 30 fell 1%, France’s CAC 40 dropped more than 1.4%, Italy’s FTSE MIB declined roughly 1.8%, the Netherlands’ AEX (NL 25) lost over 1%, and Spain’s IBEX 35 plunged more than 2%.

Before European markets opened, Japan’s Nikkei 225 had already fallen more than 2.3%.

U.S. futures also traded lower Sunday, with the E-mini S&P 500 down over 1.6% and the E-mini Nasdaq off more than 2%.

In the UAE, regulators shut down both the Abu Dhabi Securities Exchange and the Dubai Financial Market for two days.

The Capital Market Authority said the closures were intended to prevent panic selling after 165 ballistic missiles, 541 drones and two cruise missiles struck the country within 48 hours.