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 opened lower on Wednesday, as traders monitored intensifying operations in the Middle East.
The pan-European Stoxx 600 was down almost 0.8% shortly after the opening bell. London’s FTSE 100 was 0.7% down, Germany’s DAX shed 1.2%, and France’s CAC 40 was 0.6% lower. Italy’s FTSE MIB was also down 0.8%.
German arms maker Rheinmetall reported full-year sales of 9.94 billion euros and profits of 1.68 billion euros on Wednesday, saying it’s in “prime position to help the US replenish their missile stockpiles” that are being 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. Rheinmetall was down 4.2% at the open.
The U.S. Defense Secretary Pete Hegseth had warned on Tuesday that it would launch its most intense day of strikes on Iran. 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.”
Earnings come from Porsche, Henkel and Geberit. Data releases include the latest German inflation print.
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.
U.S. stock futures traded near the flatline Tuesday night ahead of key consumer inflation data that will give a clearer indication of the strength of the U.S. market and economy.
Economists polled by Dow Jones anticipate that headline CPI rose 2.4% on a year-over-year basis.
— CNBC’s Lim Hui Jie and Pia Singh contributed to this market report.
