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European shares remained subdued on Friday as investors weighed the risks of an expanding conflict in the Middle East. However, strength in energy stocks helped prevent a further decline in the overall market.
The pan-European STOXX 600 index held steady at 516.40 points as of 0709 GMT. Despite the resilience, the index is on track for its worst week since early September, if losses persist.
Oil stocks were a bright spot, climbing 0.7% and heading for their best weekly performance in nearly six months. The sector has risen 4.1% this week, boosted by concerns over potential disruptions to oil supply due to escalating tensions in the Middle East. The U.S. is currently discussing potential support for Israeli strikes on Iran’s oil infrastructure in response to missile attacks from Tehran.
Rate-sensitive real estate stocks also provided support to the STOXX 600, with the sector rising 0.6%.
On the corporate front, Denmark’s DSV surged 6.6% after the transport firm raised $5.5 billion through a share issue to help finance its acquisition of Schenker, a major logistics company.
Meanwhile, investors will be monitoring speeches from key European Central Bank (ECB) officials throughout the day, including Luis de Guindos, Claudia Buch, and Frank Elderson, for insights on monetary policy outlooks.
