The Callisto tanker sits anchored as the traffic is down in the Strait of Hormuz, amid the U.S.-Israeli conflict with Iran, in Muscat, Oman, March 10, 2026.
Benoit Tessier | Reuters
LONDON — European stocks ended lower on Wednesday, as traders monitored intensifying operations in the Middle East.
The pan-European Stoxx 600 finished the session down 0.8%, with major bourses and most sectors in negative territory.
The Dow ticked lower on Wednesday as investors weighed key consumer inflation data that shed further light on the health of its market and economy, while the S&P 500 also edged into negative territory. Consumer prices rose 2.4% in the 12 months up to February, offering a final look at inflation pressures before an oil shock tied to the Iran war rattled the outlook.
Looking at individual stocks, German arms maker Rheinmetall reported full-year sales of 9.94 billion euros ($11.5 billion) and profits of 1.68 billion euros, saying it’s in “prime position to help the US replenish their missile stockpiles” used in the war with Iran.
The company said in a presentation that it’s expecting “higher spend for missile restocking and air defence,” which is “inevitable” in light of the war. Shares of Rheinmetall were down almost 8% as trading closed.
Luxury automaker Porsche said it plans to cut costs and expand its product range after a “challenging” 2025 that saw the German carmaker cut guidance four times.
“We will streamline our management structure, reduce hierarchies and cut back on bureaucracy,” Porsche CEO Michael Leiters said. Shares of the company ended the session around 0.8% lower.
Zara owner Inditex bucked the general downward trend, its shares closing 0.7% higher after a solid first-quarter earnings report on Wednesday morning.
The retailer’s earnings fell in line with analyst expectations, with all its brands demonstrating year-on-year growth despite a muted December that saw disappointing sales.
“Today’s results demonstrate the strength of Inditex’s business model,” said Mamta Valechha, consumer discretionary analyst at Quilter.
The International Energy Agency agreed to release a record 400 million barrels of oil from its emergency stockpiles to help tackle supply disruption linked to the war in Iran. U.S. Interior Secretary Doug Burgum said earlier that now is the “perfect time to think about” releasing strategic oil reserves, adding that “these are the kinds of moments” that reserves are used for.
Brent crude, the international oil benchmark, was last seen trading 5.4% higher at $92.61 per barrel, while in the U.S., West Texas Intermediate prices rose 5.4% to reach $87.95 a barrel.
Defense Secretary Pete Hegseth had warned on Tuesday the U.S. would launch its most intense day of strikes on Iran yet. U.S. Central Command later said its forces had sunk several Iranian ships, including 16 minelayers, near the Strait of Hormuz, amid reports Tehran was seeking to mine the vital waterway.
The U.S. announcement followed a post by President Donald Trump that said if Iran had put any mines in the Strait, “we want them removed, IMMEDIATELY!” He later claimed that 10 inactive minelaying ships were sunk, with “more to come.”
Asia-Pacific markets traded higher overnight, buoyed by a softening in global oil prices on Tuesday as the G7 met to discuss the possible use of emergency crude reserves to ease the supply crunch.
— CNBC’s Lim Hui Jie and Pia Singh contributed to this market report.