European stocks early gains

Brussels — European stocks failed to hold early gains on Wednesday as the mood turned cautious around mid-afternoon and investors assessed news about US-Iran peace efforts and stayed largely reluctant to make significant moves in the final hour.

Weak oil prices helped lift sentiment. Brent crude futures fell below $98 a barrel after reports emerged that some liquefied natural gas tankers have passed through the Strait of Hormuz in recent days, helping ease supply concerns amid the prolonged conflict.

US Secretary of State Marco Rubio said a potential deal to end the Middle East conflict could “take a few days” amid unresolved issues surrounding Tehran’s frozen assets and unrestricted passage through the strait.

Iran condemned the recent strikes conducted by US forces and said it would leave no act of aggression unanswered.

Auto stocks found support after data showed European car sales climbed for the third successive month in April thanks to strong demand for electric and hybrid vehicles.

The pan European Stoxx 600 edged up 0.03%. The United Kingdom’s FTSE 100 closed 0.13% up, and France’s CAC 40 climbed 0.43%, while Germany’s DAX closed 0.03% down. Switzerland’s SMI settled with a gain of 0.75%.

European stocks early gains

Among other markets in Europe, Belgium, Finland, Greece, Ireland, Russia and Spain ended higher.

The Czech Republic, Denmark, the Netherlands, Norway, Poland, Portugal, Sweden and Turkey closed weak, while Austria and Iceland ended flat.

In the UK market, JD Sports Fashion rallied more than 5%. Marks & Spencer gained 4.3%.

Burberry Group, Intercontinental Hotels Group, IAG, Rolls-Royce Holdings, ondi, Reckitt Benckiser, Berkeley Group Holdings, Diageo, Associated British Foods, Barratt Redrow, Unilever and Coca-Cola HBC moved up 2-3.1%.

Pets At Home shares jumped 6%. After reporting a steep fall in annual underlying pretax profit, the UK pet care retailer said its retail sales returned to growth in the fourth quarter.

Energy stocks BP and Shell fell 2.7% and 2.3%, respectively, weighed down by weak oil prices.

Centrica lost 2.6%, while The Sage Group, Tesco, BT Group, Melrose Industries and Games Workshop shed 2-2.28%.

Glencore, National Grid, Fresnillo, IG Group, BAE Systemes, Prudential and Metlen Energy & Metals also ended notably lower.

European stocks early gains

In the German market, Adidas climbed 5.4%. Continental, Heidelberg Materials, Daimler Truck Holding, Mercedes-Benz and MTU Aero Engines gained 3-4%.

BMW, Symrise, Henkel, Volkswagen, Beiersdorf, Qiagen, Zalando, Porsche Automobil Holding, Deutsche Post, Siemens Healthineers, Gea Group and Deutsche Telekom also ended with impressive gains.

Siemens Energy shed nearly 4%. RWE dropped 3.2% and Fresenius drifted down by 2.3%. E.ON, Munich RE, Infineon, Brenntag and SAP also ended notably lower.

In the French market, L’Oreal, Kering, Renault, Stellantis and LVMH gained 3-4.7%. Danone, Michelin, Pernod Ricard, Saint-Gobain, Acco, Hermes International, Essilor Luxottica and Safran also moved up sharply.

Teleperformance shed more than 5%. STMicroelectronics ended 4.3% down. TotalEnergies drifted down 3.6% and Capgemini closed lower by 3.5%.

Dassault Systemes, Legrand, Endie and Schneider Electric also ended sharply lower.

French consumer confidence fell to the lowest in more than three years in May, survey data from the statistical office INSEE showed Wednesday. The consumer sentiment index dropped more than expected to 82 in May from 84 in the previous month. This was the lowest since March 2023. The reading was forecast to drop to 83.