Stoxx 600 falls 1.48% as oil passes $100

The pan-European Stoxx 600 index fell 1.48% to close at 639.98 points on Wednesday, 9 September. European equity benchmarks declined sharply under pressure from a significant rise in government bond yields, driven by rising crude oil prices that surpassed $100 per barrel.

Across national European indices, the FTSE 100 in London declined 1.31% to 10,670.06 points. The DAX in Frankfurt lost 1.66% to end at 25,576.45 points, while the CAC 40 in Paris fell 1.94% to 8,156.67 points.

Shares of Finnish energy provider Fortum rallied 15.82% after signing a long-term power supply agreement with Google, which pledged to invest at least 13 billion euros in artificial intelligence infrastructure in Finland over the next two years. Conversely, Inditex shares fell 3.61% following quarterly results that came in below analyst expectations.

Energy concerns intensified as the United States and Iran exchanged strikes, and Iranian-backed Houthi forces in Yemen attacked several cities in Saudi Arabia. Mohit Kumar, chief European economist at Jefferies, noted that the strikes against Saudi facilities increased the risk of the conflict widening.