European Stocks Fail To Hold Early Gains

BRUSSELS, May 28 (Bernama-dpa-AFX) -- European stocks failed to hold early gains on Wednesday as the mood turned cautious around mid-afternoon and investors assessed news about US-Iran peace efforts and stayed largely reluctant to make significant moves in the final hour, reported dpa-AFX.

Weak oil prices helped lift sentiment. Brent crude futures fell below US$98 a barrel after reports emerged that some liquefied natural gas tankers have passed through the Strait of Hormuz in recent days, helping ease supply concerns amid the prolonged conflict.

US Secretary of State Marco Rubio said a potential deal to end the Middle East conflict could "take a few days" amid unresolved issues surrounding Tehran's frozen assets and unrestricted passage through the strait.

Iran condemned the recent strikes conducted by US forces and said it would leave no act of aggression unanswered.

Auto stocks found support after data showed European car sales climbed for the third successive month in April thanks to strong demand for electric and hybrid vehicles.

The pan European Stoxx 600 edged up 0.03 per cent. The United Kingdom's FTSE 100 closed 0.13 per cent up, and France's CAC 40 climbed 0.43 per cent, while Germany's DAX closed 0.03 per cent down. Switzerland's SMI settled with a gain of 0.75 per cent.

Among other markets in Europe, Belgium, Finland, Greece, Ireland, Russia and Spain ended higher.

The Czech Republic, Denmark, the Netherlands, Norway, Poland, Portugal, Sweden and Turkey closed weak, while Austria and Iceland ended flat.

French consumer confidence fell to the lowest in more than three years in May, survey data from the statistical office INSEE showed Wednesday. The consumer sentiment index dropped more than expected to 82 in May from 84 in the previous month. This was the lowest since March 2023. The reading was forecast to drop to 83.

--BERNAMA-dpa-AFX