27.04.202616:18:13UTC+00European Stocks Fall for 6th Session

European stocks extended their losing streak to a sixth session on Monday, pressured further by elevated energy prices and their impact on the broader macroeconomic environment for major corporates. The Eurozone’s STOXX 50 fell 0.4% to 5,861, while the pan-European STOXX 600 slipped 0.3% to 609.

Media reports indicated that Iran has submitted a new proposal to the United States aimed at reopening the Strait of Hormuz and ending the conflict, with nuclear negotiations deferred to a later phase. Nonetheless, traffic through the strategic chokepoint remained suspended, keeping energy prices at elevated levels.

These pro-inflationary pressures are expected to reinforce a hawkish bias at this week’s ECB meeting, even as policymakers hold rates steady, with several rate traders still pricing in a hike before the end of the quarter.

Technology stocks underperformed, with ASML down 3% and Prosus off 2%. Siemens Energy also dropped 5.5%, paring back part of last week’s sharp rally.