GLOBAL MARKETS – Europe stocks open mixed as Middle East conflict weighed

The German Dax fell 0.18 percent at the open, while Italy’s FTSE Mib ticked 0.09 percent lower. Spain’s Ibex 35 was flat and France’s Cac 40 rose 0.14 percent. U.K. markets are closed on Monday for a national bank holiday.

Fears of a wider conflict in the Middle East pushed oil prices higher. Over the weekend, more than 100 Israeli fighter jets hit Lebanese targets, and Iran-backed Hezbollah fired more than 320 rockets into Israel.

Brent crude rose 0.86 percent to $79.70 by 08:10 a.m. London time, U.S. West Texas Intermediate crude was 0.88 percent higher at $75.49 a barrel. 

Last week, the pan-European Stoxx 600 tracked U.S. markets higher, ending the week firmly in positive territory, up 1.3 percent.

In the Asia-Pacific region, markets were mixed, with Japan’s Nikkei 225 down 1.09 percent, the Hong Kong Hang Seng index up 0.99 percent, and the mainland Chinese CSI 300 index down 0.15 percent.

Investors will watch minutes from Sweden’s Riksbank and Ifo Business Climate data on the European calendar.

Eurozone inflation data will be released on Friday later in the week. This data will be closely watched for hints as to whether the European Central Bank will cut rates further next month.
 

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