Oil prices surge, all sectors of European stock markets decline

格隆汇 March 19丨As oil prices soared above $110 per barrel and Middle East tensions intensified, European stock indices opened sharply lower. Basic materials stocks fell significantly, with mining stocks dragging the UK FTSE 100 index down by 1%. Banking stocks also declined, with Standard Chartered plunging 4.9% and NatWest falling 5.2%. The German DAX index, dominated by industrial stocks, dropped 1.5%. As market concerns over European Central Bank rate hikes this year intensified, real estate stocks in the index plummeted 5.7%. The French CAC 40 index fell 1.2%, weighed down by basic materials and consumer-sensitive stocks such as luxury goods. Hotel group Accor slid 4.4%. The Spanish IBEX 35 index and Italian FTSE MIB index dropped 1.5% and 1.25% respectively, due to sell-offs in banking and industrial stocks. ASML fell 1.6% in the Amsterdam market.