European stocks slipped slightly on Wednesday, pausing after a strong rally in the previous session as a tentative ceasefire between Israel and Iran showed signs of holding.
Late Tuesday, U.S. President Donald Trump’s special envoy to the Middle East described the ongoing dialogue with Iran as “encouraging,” fueling hopes in Washington for a broader, long-term peace accord.
French Consumer Confidence Stalls
In regional data, French consumer confidence remained unchanged in June, according to figures from national statistics agency INSEE. The index held steady at 88.0, missing economists’ expectations of a small increase to 89.0 and staying well below historical averages.
Focus Turns to NATO Summit and Powell’s Testimony
Investors are turning their attention to the NATO summit later in the day, where leaders are expected to finalize commitments on defense spending. Meanwhile, Federal Reserve Chair Jerome Powell is scheduled to deliver a second day of testimony to the Senate, after emphasizing a cautious approach to interest rate policy on Tuesday.
Major Index Performance
- The UK’s FTSE 100 hovered just below the flatline.
- France’s CAC 40 slipped 0.3%.
- Germany’s DAX declined 0.4%.
Notable Movers
- Nordex shares rose 1.6% after the wind turbine manufacturer secured a new contract with renewable energy developer Umweltgerechte Kraftanlagen GmbH & Co KG.
- Automotive retailer Vertu Motors jumped 2.3% following a 7% rise in new vehicle sales over the three months ending May 31.
- Defense firm Babcock International surged 13% on strong preliminary annual results and an upgrade to its dividend and revenue outlook.
- High-tech systems provider Oxford Instruments gained 1.1% after announcing it would begin a share repurchase program by June 24, 2026.
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