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(Sharecast News) - European shares pared losses and oil prices spiked on Monday but Iran and Israel's exchange of missile strikes, fears of rising interest rates and an end to the much-hyped boom in artificial intelligence still weighed on sentiment.
The pan-regional Stoxx 600 index was down 0.21% to 621 at 1157 BST with all major bourses in the red. Oil prices surged with Brent crude up 3.62% to $96.46 a barrel.
US President Donald Trump, already struggling to extricate himself from his war of choice with Iran, demanded both sides "immediately stop shooting".
However, Israel on Sunday ignored his warnings not to launch more strikes on Lebanon as he tries to move peace talks forward and launched strikes on the southern suburbs of Beirut.
Israel Prime Minister Benjamin Netanyahu is under political pressure to continue his war on Lebanon from the extremist far-right members of his governing coalition who want the US and Israel to destroy Iran's military capability entirely. Analysts fear Tel Aviv is trying to pull Washington back into the conflict.
Sentiment was also hit over jitters around the sustainability of the boom in artificial intelligence stocks amid fears of rising interest rates as the conflict drives inflation.
Asian markets had seen a large sell-off overnight, with Japan's Nikkei index down 4%. South Korea's Kospi index fell by almost 9% at one stage, forcing trading to be temporarily suspended.
The sell-off followed losses on Wall Street on Friday driven by stronger-than-expected US jobs data, sparking fears that the next move in US interest rates would be a rise not a cut.
In equity news, European tech stocks fell, with BE Semiconductor, ASML, Aixtron and Nokia all lower.
Tate & Lyle surged after the UK ingredients firm agreed to be taken over by US peer Ingredion in a 2.7bn deal.
Zealand Pharma slumped after the Danish company released findings of a weight loss drug trial that raised concerns over potential side effects.
The company said that while its drug survodutide met key targets in a late-stage study, almost a fifth of patients dropped out due to gastrointestinal events, compared to 2.9% on placebo.
Reporting by Frank Prenesti for Sharecast.com
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