European shares edged lower on Monday as technology stocks dragged the STOXX 600 down, while investors awaited details of threatened U.S. sanctions on Iran. Energy shares slipped with oil prices, Basic Resources gained on higher gold prices, and traders looked ahead to Nvidia's earnings and Fed Chair Kevin Warsh's Jackson Hole remarks.
European shares slipped on Monday, pulled lower by technology stocks as investors waited for details of threatened U.S. sanctions on Iran. The pan-European STOXX 600 was down 0.1% at 653.40, as of 0713 GMT.
Iran sanctions loom over trading
The U.S. prepared economic sanctions targeting Iran's trade partners. According to Reuters: "the greatest financial offensive ever marshalled". Iran, in turn, vowed to shut down all oil exports from the Gulf if the economic war continues.
Energy shares fell 0.4%, tracking Brent crude prices at around $92 a barrel.
Basic Resources bucked the trend, rising 0.8% as gold prices climbed on a weaker dollar, making it the session's top-performing sector.
Tech sector waits on Nvidia
The technology sector stayed on edge ahead of Nvidia's results due Wednesday, with investors aware of how hard it will be for the chipmaker to meet elevated expectations. That caution weighed on the broader index even as other sectors held up.
Markets will next look to Jackson Hole, Wyoming, where Federal Reserve Chair Kevin Warsh speaks on Friday. Investors are hoping his remarks bring clarity on the U.S. interest rate outlook.
Source: Investing.com
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