European stocks fall after Iran moves to close Hormuz Strait
Business
European stocks slid on Monday after Iran moved to close the Strait of Hormuz, a key route for global oil shipments.
This move has everyone worried about oil shortages and regional stability, especially since it comes right after last month's U.S.-Iran deal that was supposed to keep things calm.
AkzoNobel shares rise on €7.5B bid
Energy stocks got a boost as oil prices shot up over 4%, making the sector one of the strongest-performing sectors.
Tech shares slipped by 1.2%, with investors cautious even after SK Hynix's strong Nasdaq debut.
Meanwhile, AkzoNobel stood out: its shares rose 3% thanks to a €7.5 billion takeover bid from Japan's Nippon Paint for AkzoNobel's decorative paints business, bringing some rare good news to an otherwise rough market day.