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Europe midday: Shares extend gains as investors mull Iran succession
(Sharecast News) - European shares extended gains on Monday as investors eyed events in Iran after the death of President Ebrahim Raisi in a helicopter crash over the weekend, along with the country's foreign minister. The pan-European Stoxx 600 index was up 0.17% at 523.77 with most major markets higher. Sentiment was also boosted when Bank of England Deputy Governor Ben Broadbent said it was "possible" that interest rates would be cut this summer.
Scope Markets analyst Joshua Mahony said attention would now turn to the UK inflation read-out on Wednesday, "with a collapse in headline CPI looking likely to grab the attention of the markets given the potential impact that could have on rate cut expectations".
On commodities markets, gold prices surged to $2,438 per ounce.
"Demand for the safe-haven asset has surged as investors have been digesting news of the death of Raisi (and) foreign minister Hossein Amir-Abdollahian in a helicopter crash," said Hargreaves Lansdown analyst Susannah Streeter.
"Demand has also likely to have been pushed up by renewed speculation that the Federal Reserve will be minded to cut interest rates a couple of times this year."
An election must be held in Iran within 50 days, with investors now looking to see whether another ultra-hardliner like Raisi will win the post amid expected low turnout and tensions with the West.
In equity news, Swiss luxury goods group Richemont rose 5%, extending gains on the back of record sales reported on Friday.
Shares in EPC Group slumped 6.5% after the French explosives manufacturer said it faces an investigation by the country's competition authority.
Porsche stock fell as Morgan Stanley cut its sector view for German carmakers from "in-line" to "cautious", citing falling margins and potential trade disputes. Volkswagen fell after being downgraded to 'under-weight' from 'equal-weight' due to exposure to China which would pressure margins.
Reporting by Frank Prenesti for Sharecast.com
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