European markets close lower amid escalating US-Iran tensions; IQE shares tumble 25%

Friday, 21 June 2019 23:18 WIB

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European stocks took a downward turn on Friday afternoon, amid intensifying fears of a military confrontation in the Middle East.

Despite making gains on Friday morning, the pan-European Stoxx 600 traded lower at 384,76 during afternoon deals and ended the session in the red. Most sectors and major bourses were in negative territory.

Oil and gas stocks bucked the trend, gaining 0.6% as oil prices rose. Brent crude exceeded $65 a barrel on Friday amid fears the U.S. may launch a military attack on Iran that would disrupt Middle Eastern oil exports.

Shares of IQE tumbled almost 25% on the news, prompting other European semiconductor stocks to slide. AMS and Infineon were both trading lower at the closing bell.

Source : CNBC


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