FX.co ★ European Stocks Reverse Gains

European equities reversed early gains, with both the STOXX 50 and STOXX 600 slipping 0.2%. The pullback came as oil prices fluctuated while traders weighed Saudi Arabia’s decision to restart a key pipeline and looked ahead to further US–Iran diplomatic efforts to defuse the Middle East conflict. At the same time, flash PMI readings indicated stronger-than-expected services activity in the Euro Area overall, as well as in Germany and France individually. On the corporate front, AstraZeneca declined 1.1% even after winning European approval for its Trixeo inhaler as a maintenance therapy for asthma. Allianz fell 2.1%, Anheuser-Busch InBev lost 1%, and Siemens Energy shed 1%, while SAP advanced 1.3%.