iShares MSCI Sweden ETF

EWD

Market cap $316M

European automotive, construction, metals, chemicals and transport sectors could lose ​up to 1.3 million jobs ‌this year as a result of a surge in energy prices caused by the U.S.-Iran ​conflict, Labour Commissioner Roxana Minzatu ​said on Wednesday. "Due to the war ⁠in the Middle East, up ​to 1.3 million jobs are at risk ​and we are talking about jobs in energy-intensive industry, particularly," Minzatu told a news ​conference.

European stocks dipped on Wednesday, as investors weighed U.S. proposals for sweeping new tariffs on 60 countries.

Euro area HICP inflation accelerated to 3.2% YoY in May, the highest since September 2023, driven by energy and services price pressures. Core inflation rose sharply to 2.5% YoY, exceeding consensus, with services inflation hitting a 7-month high at 3.5% YoY.

The UK's blue-chip index advanced on Tuesday, supported by gains in mining-related shares as base metal prices strengthened, while energy stocks came under pressure following a decline in crude oil. Broader sentiment was also influenced by geopolitical developments, including renewed expectations of progress in US–Iran talks.

Inflation rose to 3.2% in May, a fourth-straight increase and the highest level since September 2023.

Investors are awaiting data that will shed further light on the economic impact of the U.S.-Iran war.

European shares opened lower on Monday as escalating tensions in the Middle East weighed on investor sentiment, while markets also reacted to corporate developments involving British airline easyJet and Amsterdam-listed Universal Music Group. The pan-European STOXX 600 index was down 0.1% at 0709 GMT, extending the subdued mood seen at the end of the previous week.

Goldman Sachs has raised its 12-month target for the STOXX 600 index to 660, citing resilient corporate earnings growth and continued support from artificial intelligence-related investments despite the ongoing conflict in the Middle East. The pan-European benchmark index has remained close to record highs and gained 2.5% in May.

Goldman Sachs has raised its 12-month target for STOXX 600 index to 660, the U.S. brokerage said, citing resilient corporate earnings ​growth despite the war in the Middle East.

Market expectations that the European Central Bank will hike interest rates this year have already contributed to tighter financial and lending conditions. The "transmission of tighter policy is already underway," Goldman Sachs noted.