European stocks continued their decline for a second consecutive session on Friday, with both the Stoxx 50 and Stoxx 600 indices falling by approximately 1%. The defense sector led the downturn amid encouraging signals of a US-mediated peace agreement in the Middle East. Israel verified that a ceasefire with Hamas commenced at midday local time, alongside troop withdrawals from certain areas of Gaza as part of a broader hostage release arrangement. The Stoxx Europe Aerospace and Defense index saw a decline of over 2%, with Leonardo leading the fall at -5.6%, followed by Rheinmetall at -2.5%, Thales at -2.4%, Saab at -2.2%, BAE Systems at -1.9%, Rolls-Royce at -1.7%, Safran at -1.6%, and Airbus at -1%. Mining shares also experienced a downturn, with the Stoxx Europe Basic Resources index decreasing by more than 1.5%. Investor sentiment dampened further towards the market's close after former President Donald Trump threatened to significantly increase tariffs on Chinese imports, sparking renewed concerns over potential trade conflicts. Conversely, Denmark’s Jyske Bank experienced a 4% rise, driven by positive corporate updates that bolstered investor confidence.
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