Live Markets: STOXX dips, media stocks jump on UMG bid

Pershing Square Holdings

07/04/2026 09:01

Adds new blog entry

STOXX 600 down 0.1%

Trump's Iran deadline nears

UMG jumps after Pershing Square bid

U.S. stock futures lower

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STOXX DIPS, MEDIA STOCKS JUMP ON UMG BID

Major European share indexes are mixed on Tuesday after the long weekend and ahead of Trump's deadline for Iran to agree a ceasefire or face heavy strikes to its infrastructure, including bridges and power plants.

The threats by Trump have so far been met by defiance from Iran, which has still not reopened the Strait of Hormuz, a key waterway that before the war accounted for about 20% of the world's oil and gas supply.

But in what could be a sign of progress, the Iranian ambassador to Pakistan said "positive and productive endeavours" by Islamabad to mediate an end to the war were "approaching a critical, sensitive stage."

Still, market participants seem reluctant to take on risk or add to positions.

The pan-European STOXX 600 .STOXX is down 0.1%, while the DAX .GDAXI and FTSE .FTSE are off a similar amount. France's CAC 40 .FCHI outperforms, up 0.5%.

Media stocks .SXMP are rising sharply after Pershing Square made a bid for Universal Music Group UMG.AS worth over 55 billion euros.

Shares in UMG are up 10%, while Vivendi  VIV.PA, which owns a 13% stake in UMG, is up over 8%.

Tech stocks .SX8P are the biggest laggards, with Europe's largest company ASML ASML.AS down over 4% after a group of U.S. lawmakers proposed export restrictions on chipmaking equipment to China.

Here's your opening snapshot:

(Samuel Indyk)

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EARLIER ON LIVE MARKETS:

EUROPE BEFORE THE BELL: FUTURES TREAD WATER AS IRAN DEADLINE NEARS CLICK HERE

A BREAKTHROUGH DEAL OR A CRUDE AWAKENING? CLICK HERE

How global stocks have performed this year https://www.reuters.com/graphics/MARKETS-AUTOMATED/GL-PCT-CHANGE-YTD/akvejjlklpr/chart.png

Mixed start for Europe as Trump's Iran deadline nears https://www.reuters.com/graphics/GLOBAL-STOCKS/jnvwrlglypw/chart.png