European Markets Tread Water as Iran Sanctions and Nvidia Earnings Loom

TLDR

• The STOXX 600 was near flat on Monday, up just 0.03%, as markets stayed cautious
• U.S. threats of major Iran sanctions kept risk appetite low and pushed oil prices higher
• Gold prices rose on a weaker dollar, lifting basic resources stocks
• Nvidia earnings on Wednesday are putting the tech sector on edge across Europe
• The ECB is expected to raise rates by 25 basis points in September after its June hike

European stock markets barely moved on Monday as traders balanced rising gold prices against uncertainty over U.S. sanctions on Iran. The pan-European STOXX 600 index edged up just 0.03% to 654.38 points in early trading.

The STOXX 50 slipped 0.2% to 6,450, showing the cautious mood more clearly. Investors were not willing to take on much risk with several major events coming later in the week.

The U.S. has threatened what it described as “the greatest financial offensive ever marshalled” against Iran. The sanctions are aimed at Iran’s trade partners, adding pressure across global markets.

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