Europe open: Shares shrug off MEast tensions; Temenos surges 15%
By Frank Prenesti
Date: Monday 15 Apr 2024
(Sharecast News) - European shares opened higher on Monday despite increased tensions in the Middle East after Iran fired drones and missiles at Israel on Saturday in retaliation for what it claimed was an Israeli attack on its consulate in Syria on April 1.
The pan-regional Stoxx 600 index was up 0.19% to 506.22 in early deals. Britain's FTSE 100 was the only outlier, down 0.27%. Investors are also looking for clues from the US Federal Reserve after hotter-than-expected inflation data last week.
''The week is starting on a fraught note, with unease still clouding sentiment. Investors are on alert for retaliatory action following Iran's attack on Israel. Fears are brewing that a dangerous new episode of escalating conflict is about to roll," said Hargreaves Lansdown analyst Susannah Streeter.
"All eyes are on diplomatic efforts being made to diffuse the situation which have helped bring down a spike in oil prices."
Brent crude was close to $90 a barrel as investors fretted about supply threats if the Israel/Iran situation escalated.
In equity news, Temenos shares surged 15% after the Swiss software firm said a company-commissioned report concluded that allegations made by short seller Hindenburg Research were incorrect.
The committee found the Hindenburg report, which wiped almost a third off the company's value in February, "presented purported facts about Temenos in a distorted manner or out of context".
Shares in Ageas rose more than 3% after French lender BNP Paribas agreed to buy a 9% stake in the Belgian insurer, its long-time partner, from China's Fosun Group for around €730m.
Reporting by Frank Prenesti for Sharecast.com
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