European stocks dropped Friday, as an escalation of violence in Iraq sent energy prices soaring, while investors assessed comments from Bank of England Governor Mark Carney on the next rate hike.
The Stoxx Europe 600 fell 0.3% to 346.82.
In Germany, the DAX 30 index fell 0.6% and France’s CAC 40 index lost 0.6%. Meanwhile, U.K. stocks were hit by the prospect of higher interest rates. The U.K.’s FTSE 100 index dropped 0.6% after BOE chief Carney said an interest-rate increase may come sooner than the markets currently anticipate.
Shares of British residential property firm Barratt Developments PLC fell 4.5% and Persimmon PLC lost 4.4% and Berkeley Group Holdings PLC fell 3.8%.
Oil-producer shares were among the top advancers, with Royal Dutch Shell PLC up 0.9% and Total SA higher by 0.8%.
Crude-oil prices surged on concerns that unrest in Iraq could lead to disruptions in the country’s oil supplies. Islamist militants have reportedly taken full control of the northern oil city of Kirkuk and vowed to march to Baghdad. Iraq is the second-largest oil producer in the Organization of the Petroleum Exporting Countries. But on Friday, the International Energy Agency said supplies in the country aren’t at immediate risk.
As oil prices jumped, shares of air carriers EasyJet PLC and Ryanair Holdings PLC fell 3.7%.
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