Europe midday: Stoxx hits fresh record ahead of US jobs data

7th Aug 2026 10:29

(Sharecast News) - European shares hit another intra-day high, while oil prices edged lower on Friday as traders awaited US jobs data and assessed moves by Iran to further hinder shipping through the Strait of Hormuz.

The benchmark Stoxx 600 index was up 0.63% to 662.36 at 1205 BST with all major bourses higher.

Brent crude erased morning gains and was down 0.68% to $81.93 a barrel after a report that Israeli and US shipping would be banned from the key waterway under new plans drafted by Iran.

Iranian state news outlet Fars on Thursday reported that restrictions would also extend to "countries and individuals that have caused damage to Iran" until that harm is "compensated".

Iran plans to issue penalties of up to 20% of the value of the cargo of those who violate the terms of the agreement, which is currently under review, the report added.

Meanwhile, regional officials said Iran and Oman were close to finalising a deal on shipping through the strait.

In local economic news, German exports and industrial production beat expectations for June, according to official data published on Friday.

Exports rose 0.9% on the month, above expectations of a 0.2% increase, while imports jumped 4.4%, according to the Federal Statistics Office.

Industrial production also surprised to the upside, edging up 0.2% versus expectations for a 0.1% gain, reinforcing the view that Europe's largest economy is stabilising after a weak start to the year.

In equity news, Amrize shares slumped after quarterly results. Kingspan surged after lifting its profit forecast on data‑centre demand and Genmab jumped after lifting its full‑year outlook,

Reporting by Frank Prenesti for Sharecast.com