Oil Prices Weigh on European Stocks Amid Interest Rate Hike Expectations

European stocks are experiencing losses today due to higher crude oil prices. The France's CAC 40 has dipped by 0.4%, while the DAX has shed 0.3%. Brent crude is trading near $100 per barrel, having hovered around this price after diplomatic talks at the UN General Assembly hit a stalemate.

Iranian President Masoud Pezeshkian stated that Tehran remains open to peace talks but will never 'bow down'. The UK Maritime Trade Operations agency reported another attack on a cargo vessel in the region, which sparked a fire and prompted the evacuation of its crew.

The pan-European Euro Stoxx 50 index is recording a modest decline today at -0.2%. Nokia has been among the biggest laggards, down by 4.1%, followed by BNP Paribas at -3.1% and Infineon Technologies at -2.8%.

Yesterday's publication of September PMI indicators heightened expectations for interest rate hikes across major economies, creating an unfavourable backdrop for equity markets. US data proved consistent with a GDP growth rate in the region of 5%, further weighing on equities.