The STOXX 600 is approaching a 6-week low amid geopolitical tensions

European stock indices dipped to their lowest levels in nearly six weeks on Tuesday as traders veered away from high-risk assets amidst escalating geopolitical tensions in the Middle East. Meanwhile, Ericsson shares soared to the pinnacle of the main index following encouraging business results.

As of 0718 GMT, the European STOXX 600 index experienced a 1.3 percent decline, with the basic resources sector taking a 2 percent hit, influenced by subdued prices of basic metals.

Stock indices in major economies across the region, including Germany, France, Italy, and Spain, saw declines ranging from 1 percent to 1.4 percent.

Market participants are closely monitoring developments as the world anticipates Israel’s response to the Iranian attack, with mounting international pressure for restraint amid concerns over the potential escalation of conflict in the Middle East.

On a positive note, Ericsson shares surged by 5.6 percent after the communications equipment maker’s adjusted profits for the first quarter exceeded market expectations.

Naturgy shares also saw an uptick of 2.8 percent following reports indicating that the UAE energy company is engaged in discussions with Criteria Holding Company regarding a potential acquisition of the Spanish energy firm.