FX.co ★ European Stocks Close Lower for 8th Session

European stocks fell for an eighth consecutive session on Wednesday, pressured by renewed concerns that rising energy prices will force interest rates higher and weigh on corporate earnings, while investors digested a fresh round of quarterly results. The Eurozone’s STOXX 50 slipped 0.4% to 5,814 and the STOXX 600 lost 0.7% to close at 602.

The United States signaled it will, for now, maintain its blockade of Iranian tankers in the Strait of Hormuz, prolonging an impasse that prevents those vessels from exporting energy and driving another leg higher in energy prices.

Financials and industrials led the decline, with Munich Re, Allianz, and Siemens retreating between 2% and 3%. Deutsche Bank dropped nearly 3% despite beating first-quarter estimates, as investors focused on higher credit provisions. Mercedes-Benz and Iberdrola also ended lower after releasing their earnings.

In contrast, Airbus and Adidas surged 5.1% and 8.3%, respectively, after issuing upbeat guidance. The Federal Reserve was expected to leave interest rates unchanged in its decision due after the European market close.