Europe close: Shares close mixed ahead of latest sanctions on Iran

(Sharecast News) - European shares closed mixed on Monday as traders awaited the details of planned US sanctions against Iran. The benchmark Stoxx 600 index rallied late in the session to eke out a 0.05% gain on the day, finishing at 654.48 with Germany's DAX, Italy's MIB and France's CAC 40 down. Spain's IBEX and Belgium's BEL 20 both moved higher.

US Treasury Secretary Scott Bessent is scheduled to hold a news conference at 1800 GMT) to unveil what he has called "the single greatest financial offensive ever" and an "economic D-Day" in a sign that Washington may be admitting that its military campaign has failed.

There have also been threats of sanctions against any nation that trades with Iran. Meanwhile oil prices fell on fears of weakening demand, with Brent crude down 2.22% to $92.40 a barrel, although this was still well above the level before US President Donald Trump started his war of choice against Tehran on February 28.

Iran said it would take measures against US allies, including the seizure of ships that tried to transit the vital Strait of Hormuz.

Sentiment was also hit as the US and Canada looked set to enter an all-out trade war after talks on a deal over tariffs failed over the weekend.

On a quiet corporate news day, Siegfried Holding fell after releasing results on Friday.

Reporting by Frank Prenesti for Sharecast.com