Stoxx 600, FTSE, DAX, ECB and BOE decisions, Iran

LONDON — European stocks saw an uptick on Thursday amidst news about the Iran conflict and a flurry of corporate earnings announcements and central bank decisions.

The pan-European Stoxx 600 index ended the day 1.4% higher, erasing earlier losses, with major stock exchanges showing mixed results and most industry sectors turning positive.

Earlier in the day, Brent crude oil soared to over $126 a barrel following reports that the U.S. military was briefing President Donald Trump on potential actions against Iran. This raised concerns about the resumption of armed conflict and the continuation of the blockade of Iranian ports.

However, prices later retreated, with June futures for international benchmark Brent crude down 3.3% to $114.18 a barrel. U.S. West Texas Intermediate prices also dipped 2.1% to $104.61.

Axios reported that the U.S. Central Command was preparing to present Trump with plans for potential military action against Iran, citing sources familiar with the matter.

On the corporate front, shares of Stellantis fell around 6.4% despite the multinational automaker reporting adjusted operating income of 960 million euros ($1.12 billion) for the first quarter, surpassing consensus estimates of 568 million euros. The company, known for brands like Jeep, Dodge, Fiat, Chrysler, and Peugeot, also recorded a 6% year-on-year increase in first-quarter net revenues.

Conversely, Magnum Ice Cream Company surged 11.5%, with first-quarter organic sales growth up 4.5% year-on-year, reaching 1.77 billion.

Shares of Volkswagen rose 0.8% despite a 14% drop in profits compared to the previous year. The German automaker reported a first-quarter profit of 2.5 billion euros ($2.92 billion), falling short of analyst expectations.

French banks BNP Paribas and Societe Generale declined by 1.4% and 3.6%, respectively, after releasing their first-quarter earnings. BNP Paribas saw a 9% increase in first-quarter profits, reaching 3.22 billion euros. SocGen’s group net income rose to 1.69 billion euros, up 5.5% from the same period last year.

Both the European Central Bank and the Bank of England opted to maintain their key interest rates unchanged on Thursday, as the Iran conflict posed challenges for policymakers.

Preliminary data indicated that economic growth in the eurozone slowed in recent months, with GDP in the region growing by just 0.1% in the first quarter. Eurozone inflation rose to 3% in April, up from 2.6% in the 12 months leading to March.

It was a busy day for earnings announcements, with companies like Schneider Electric, Unilever, Glencore, and others reporting their financial results.

— CNBC’s Lee Ying Shan contributed to this market report.