EUROPEAN STOCKS CLOSE WEAK AGAIN AMID RISING WEST ASIA TENSIONS

FRANKFURT, March 13 (Bernama-dpa-AFX) -- European markets closed weak on Thursday, extending the previous session's decline, as rising oil prices amid escalating tensions in West Asia raised concerns about inflation and interest rate hikes, prompting investors to largely refrain from picking up stocks, reported dpa-AFX.

Oil prices moved up north on Thursday amid supply concerns following fresh strikes on tankers in the Persian Gulf.

News about United States (US) President Donald Trump launching new trade probes targeting the EU and other economies to look at replacing the reciprocal tariffs struck down by the Supreme Court last month contributed to weak investor sentiment as well.

In addition to following geopolitical news, investors also reacted to a slew of corporate updates.

Bank, aviation and hospitality sectors were among the major losers. Energy stocks gained thanks to rising oil prices.

The pan-European Stoxx 600 slid 0.61 per cent. The United Kingdom (UK)'s FTSE 100 closed down by 0.47 per cent, Germany's DAX ended 0.21 per cent down, and France's CAC 40 lost 0.71 per cent. Switzerland's SMI lost 0.9 per cent.

Among other markets in Europe, Austria, Belgium, the Czech Republic, Denmark, Greece, Iceland, Ireland, Poland and Spain ended with sharp to moderate losses. The Netherlands edged down marginally. Finland, Norway, Portugal, Russia, Sweden and Turkey closed higher.

UK housing market confidence remained fragile, and forward-looking sentiment turned more cautious amid the escalation of conflict in the Middle East, the Residential Market Survey results from the Royal Institution of Chartered Surveyors showed.

The headline house price balance fell unexpectedly to -12 per cent from -10 per cent in January. The balance was expected to improve to -9 per cent.  

-- BERNAMA-dpa-AFX