Aug 24 (Reuters) – European shares edged lower on Monday, dragged down by technology stocks, while investors awaited details of threatened U.S. sanctions on Iran due later in the session.
The pan-European STOXX 600 was down 0.1% at 653.40, as of 0713 GMT.
The U.S. threatened Iran with what it called “the greatest financial offensive ever marshalled” as it prepared to roll out economic sanctions targeting Iran’s trade partners, while Iran vowed to shut down all oil exports from the Gulf “if the economic war continues.”
Energy shares fell 0.4%, tracking Brent crude prices, which were at around $92 a barrel. [O/R]
On the upside, Basic Resources was the top-performing sector, rising 0.8% as gold prices climbed on a weaker dollar. [GOL/]
Meanwhile, the tech sector was on edge ahead of Nvidia’s results on Wednesday, as investors know how hard it will be for the chipmaker to meet stratospheric expectations.
Market participants will also be hoping for clarity on the U.S. interest rate outlook when Federal Reserve Chair Kevin Warsh speaks in Jackson Hole, Wyoming, on Friday, which will be watched for fresh clues.
(Reporting by Tharuniyaa Lakshmi in Bengaluru; Editing by Rashmi Aich)
