European stocks plunge after Trump vows to hit Iran ‘extremely hard’
City workers in the La Defense business district of Paris, France, on Thursday, October 9, 2025.
Nathan Laine | Bloomberg | Getty Images
Stocks listed in Europe opened with sharp declines on Thursday as fears of an escalation in the US-Iran war once again affected global markets.
Pan-European shortly after the opening bell Stoxx 600 It was 1.2% lower, with most sectors and major regional stock markets firmly in negative territory.
Mining and technology stocks led the losses, with corresponding indices losing 2.8% and 3%.
In his speech to the American people on Wednesday evening, US President Donald Trump said that he expected the war to last two to three more weeks, during which time US forces would hit Iran “extremely hard.”
U.S. stock futures fell as Trump’s speech ended, reversing the rally seen in Wall Street’s regular session on Wednesday. Thursday morning futures data pointed to a significantly lower open for New York-listed stocks ahead of the opening bell.
Asian-listed stocks also reversed gains on Thursday as investors digested Trump’s latest update.
Oil prices rose after the president’s speech, with global benchmark Brent crude trading at $107.98, up more than 6%.
Oil prices have risen sharply since the United States and Israel launched an attack on Iran on February 28, prompting retaliatory strikes from Tehran across the Gulf. During March, global benchmark Brent crude rose more than 60%, recording the largest monthly price increase since records began in the 1980s.
European stocks rose on Wednesday ahead of Trump’s speech, after the president said for the first time that the war would end within weeks.
Investors also reacted to the news on Thursday that the Trump administration was making new preparations. Tariffs imposed on pharmaceutical companies They have not made agreements to guarantee low drug prices in the United States. Bloomberg first reported the news, citing unnamed sources.
In corporate news, British oil giant Shell It is reportedly in talks with the Venezuelan government to develop four large fields in some of the country’s largest offshore natural gas fields. Reuters.
Elsewhere, ryanair Chief executive Michael O’Leary warned on Wednesday evening that the UK was the market most vulnerable to jet fuel shortages as the Iran war drags on, given the country’s dependence on supplies from Kuwait.
— CNBC’s Dan Mangan, Anniek Bao and Alex Harring contributed to this report.
