Oil prices are edging higher. Later this evening, new U.S. crude inventory data will be released, carrying additional weight given the escalating conflict around the Strait of Hormuz.
On the macroeconomic front in Europe, the Eurozone economic sentiment indicator for May came in higher than expected.
The broad European Stoxx 600 index was down 0.51 percent to 624.98 at 11:29 CET. During the session, the index has traded within a range of -0.74 percent at its lowest and -0.25 percent at its highest.
Sector-wise, technology is the top performer, up 0.79 percent, while industrial goods follow as the second best, gaining 0.11 percent.
The food and beverage sector is the worst performer, falling 1.51 percent, while media is the second weakest, down 1.38 percent.
On the corporate front, British pharmaceutical giant GSK released new study data. Results indicated that the experimental drug bepirovirsen achieved a cure rate of approximately 20 percent of patients in two late-stage clinical trials. The stock retreated 0.3 percent.
Finnish forestry major UPM-Kymmene and Sappi have signed a definitive agreement to merge their European graphic paper operations into a 50/50 joint venture. The entity will receive 600 million euros in external financing and a 100 million euro credit facility. Annual synergies are expected to reach approximately 100 million euros. UPM's business is valued at 1.1 billion euros and Sappi's at 320 million euros. UPM is expected to receive 475 million euros in cash, alongside loans and equity stakes in the joint venture. UPM shares fell 0.8 percent.
The Financial Times reported that the British government would oppose any attempt by Sunil Bharti Mittal to increase his stake in telecom giant BT Group. According to sources, the move is intended to maintain national control over critical infrastructure. BT shares tumbled 3.7 percent on the news.
Fintech heavyweight Adyen announced that CFO Ethan Tandowsky will step down on August 31 to pursue an external role outside the fintech sector. Adyen shares dropped 1.8 percent.
Deutsche Bank downgraded Heineken to 'hold' from 'buy'. The stock declined 2.4 percent.
| Index | Last | Today, % | YTD, % | Time |
| Stoxx 600 | 625.00 | -0.51% | 5.54% | 11:29:15 |
| FTSE 100 | 10 433.74 | -0.68% | 5.06% | 11:29:18 |
| DAX | 25 154.07 | -0.09% | 2.71% | 11:29:22 |
| CAC 40 | 8 180.43 | -0.33% | 0.38% | 11:29:15 |
| Sector Performance Stoxx 600: | ||||
| Automobiles & Parts | 469.82 | -0.62% | -10.50% | 11:29:15 |
| Banks | 372.86 | -0.75% | 4.94% | 11:29:15 |
| Basic Resources | 846.80 | -0.48% | 27.11% | 11:29:15 |
| Chemicals | 1 234.91 | 0.09% | 11.51% | 11:29:15 |
| Construction & Materials | 853.02 | -0.76% | 0.59% | 11:29:15 |
| Oil & Gas | 519.60 | -0.12% | 28.42% | 11:29:15 |
| Financial Services | 914.71 | -0.46% | 1.70% | 11:29:15 |
| Food & Beverage | 636.38 | -1.50% | 2.21% | 11:29:15 |
| Industrial Goods & Services | 1149.66 | 0.12% | 7.62% | 11:29:15 |
| Insurance | 495.74 | -1.16% | -2.87% | 11:29:15 |
| Media | 366.21 | -1.39% | -8.19% | 11:29:15 |
| Health Care | 1 105.42 | -1.30% | -3.21% | 11:29:15 |
| Technology | 991.16 | 0.78% | 18.47% | 11:29:15 |
| Telecommunications | 322.46 | -0.67% | 26.02% | 11:29:15 |
| Utilities | 542.46 | -0.84% | 10.76% | 11:29:15 |
| Personal & Household Goods | 975.15 | -0.68% | -9.15% | 11:29:15 |
| Retail | 464.86 | -0.40% | -4.40% | 11:29:15 |
| Travel & Leisure | 270.99 | -0.48% | -3.39% | 11:29:15 |
| Real Estate | 124.31 | -0.62% | -1.60% | 11:29:15 |
| Source: Factset |
