Europe open: Shares fall on new Iran-US attacks, new tariff threats

European shares fell at the open as a threat from the US to impose more tariffs on around 60 countries and missile strikes on Kuwait by Iran hit investor sentiment.

Source: Sharecast

The pan-regional Stoxx 600 index was down 0.2% to 624 at 0811 BST with all major bourses lower.

The Office of the US Trade Representative has raised the possibility of extra tariffs of up to 12.5% on countries over alleged failures to ban goods made with forced labour.

In the Gulf, tensions increased after US forces fired a Hellfire missile to disable a tanker attempting to break through the American blockade of the Strait of Hormuz on Tuesday and later said they attacked sites on Iran’s Qeshm Island.

Iranian drones hit Kuwait’s international airport, causing "significant" building damage and injuries to a number of people, according to officials. Air traffic was suspended on Wednesday morning.

Brent crude jumped to almost $98 a barrel as hopes of any sort of peace deal between the US and Iran diminished.

In equity news, shares in retailers B&M and Inditex both jumped after results.

Howden Joinery also gained after it agreed to buy DIY Kitchens for £390m.

Reporting by Frank Prenesti for Sharecast.com

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