23.04.202607:30:15UTC+00European Stocks Slide to Two-Week Lows

European stock markets slipped to two-week lows on Thursday, with the STOXX 50 down 0.4% to 5,880 points and the broader STOXX 600 also losing 0.4% to close at 613. The pullback followed a rise in oil prices driven by mounting tensions in the Strait of Hormuz and the lack of progress on US-Iran peace talks, which rekindled concerns about inflation. Investors also weighed newly released PMI figures alongside a busy slate of corporate earnings.

On the corporate front, L’Oréal rallied 8% after reporting stronger-than-expected growth in results released after Wednesday’s close. Nokia likewise climbed 8% on the back of a better-than-forecast increase in quarterly comparable operating profit. Roche was little changed, while Nestlé advanced 6% despite both companies posting declines in first-quarter sales. Sanofi gained 1.7% after reporting a 6.2% rise in Q1 net sales, and Renault added 2.3% as its first-quarter revenue grew 7.3%.