LIVE MARKETS-STOXX 600 drops 1%, oil rises as markets weigh up Middle East updates

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STOXX 600 DROPS 1%, OIL RISES AS MARKETS WEIGH UP MIDDLE EAST UPDATES

European shares are falling for their first day this week as investors wait for signs of progress in talks to end the Iran War.

Iran said it was reviewing Trump's ceasefire plan but that talks with the U.S. were not currently happening.

At the same time, Trump has said that Iran is desperate to make a deal.

Meanwhile, crude shipments via the Strait of Hormuz remain effectively shut off, and production in the Gulf is being curtailed as storage tanks get filled up.

With few signs of progress, oil prices are rising again and stocks are falling.

The pan-European STOXX 600 .STOXX is down 1%, but is still up about 1.5% this week, having risen every day so far.

Blue-chip indexes in London .FTSE, Frankfurt .GDAXI and Paris .FCHI are down 0.6% to 1.3%.

Gold XAU= and silver XAG= prices are also falling again, which is weighing on metals miners. The basic resources sector .SXPP is the biggest laggard.

Swedish miner Boliden BOL.ST is also down over 17% after it said it expects a hit to earnings from abnormally high seismic activity at its Garpenberg mine.

There's mixed share price performance for Britain's retailers. Next NXT.L shares are rising after another strong quarter, while Currys CURY.L shares are down 10% after their CEO said he was stepping down.

Here's your opening snapshot:

(Samuel Indyk)

EARLIER ON LIVE MARKETS:

EUROPE BEFORE THE BELL: OIL UP, STOCK FUTURES DOWN CLICK HERE

HOPE AND HORMUZ CLICK HERE