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(Sharecast News) - European stocks slumped on Tuesday on the back of renewed fighting between Israel and Iran, with the Stoxx 600 on track to finish at its lowest level in six weeks.
The pan-European benchmark index was 1.1% lower at 541.05, with the FTSE 100 the only index not registering a loss of 1% or more. The Stoxx 600 has now closed below this level since 9 May, when it settled at 537.96.
The Stoxx 600 had bounced off a one-month low on Monday as reports that Tehran would be willing to return to the negotiating table with Tel Aviv, with oil prices settling 1.3% lower.
However, a fresh wave of attacks from both sides dampened those hopes overnight, with Israeli prime minister Benjamin Netanyahu saying his country was "not backing down" from eliminating Iran's nuclear programme.
"Reports have indicated that Tehran is willing to negotiate, but it takes two to tango and Israel won't stop until it feels like it's done enough," said Stephen Innes, managing partner at SPI Asset Management.
Donald Trump, meanwhile, left the G-7 Summit in Canada one day early and urged Iran to evacuate Tehran, suggesting an escalation of the conflict was imminent, further dampening sentiment on the markets.
Brent crude was up 0.8% at $73.82 a barrel by 0820 BST, having reached a high of $74.85 earlier on.
On the macro front, the economic data schedule across Europe looked relatively light, with only the ZEW investor sentiment survey due for release at 1000 BST. Stateside, a close eye will be kept on retail sales data for May, released later on.
In equity movements, Frankfurt's DAX was trading 1.5% down, with blue chips Rheinmetall, Bayer, Deutsche Telekom, Deutsche Bank and Siemens Energy all falling at least 2%.
The CAC in Paris was down 1.1%, with just two of its 40 constituents keeping their head above water. Kering was leading the fallers after the French luxury brand surged the previous session on hopes that Renault boss Luca de Meo would be joining as CEO.
London's FTSE 100 fell just 0.7%, with downside limited by solid gains from energy majors BP and Shell as they tracked oil prices higher. They were among just six stocks on the index trading in positive territory.