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Europe's STOXX nears six-week low amid geopolitical jitters; Ericsson shines
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Europe's STOXX nears six-week low amid geopolitical jitters; Ericsson shines
Apr 16, 2024 12:37 AM

(For a Reuters live blog on U.S., UK and European stock

markets, click or type LIVE/ in a news window)

April 16 (Reuters) - European shares dropped to a near

six-week low on Tuesday, as investor stayed clear of risky

assets given geopolitical tensions in the Middle East, while

Ericsson topped the main index following upbeat earnings.

The pan-European STOXX 600 was down 1.3% as of 0718

GMT, with the basic resources sector dropping 2%

tracking weak base metal prices.

Equity indexes of major economies in the region such as

Germany, France, Italy and Spain

shed between 1.0% and 1.4%.

Traders were on edge as the world awaited Israel's response

to Iran's first-ever direct attack against the country as

international pressure for restraint grew on fears of a widening

conflict in the Middle East.

In bright spots, Ericsson shares jumped 5.6%

after the telecom equipment maker's first-quarter adjusted

profit came ahead of market expectations.

Naturgy rose 2.8% after a report said Abu Dhabi's

TAQA was in talks with the Spanish holding vehicle Criteria on a

potential takeover of the Spanish energy company.

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