Universal Music Group NV offices are located in London, United Kingdom, Tuesday, April 7, 2026.
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European stocks closed higher on Thursday amid rising tensions between Washington and Tehran, despite a ceasefire agreed between Israel and Lebanon on Wednesday night.
pan-european Stocks 600 Regional sectors were mixed as major exchanges in London, Paris, Frankfurt and Milan all closed in positive territory, reversing morning losses to close 0.4% higher.
In corporate news, universal music group Shares closed 5.8% lower on the day after reports that Pershing Square was selling its stake in the group after two failed acquisition attempts.
UMG announced Thursday morning that it has repurchased more than 14 million common shares held by various Pershing Square funds, worth 250 million euros ($289.9 million), as part of its existing 500 million euro buyback program.
The Wall Street Journal reported that Bill Ackman’s hedge fund sold more than $1.5 billion worth of UMG stock for an estimated profit of $600 million.
French conglomerate shares Bolloré It ended down 2.4%. Last week, the Bolloré family, which owns a stake in UMG, asked the label to reject Pershing’s takeover offer, saying it undervalued the company.
nokia Stocks ended down more than 6% as tech stocks unwinded around the world following several consecutive days of strong gains for the sector.
Tensions between Iran and the US on Wednesday sent Asian stocks lower overnight.
Kuwait International Airport was attacked by Iran early Wednesday morning. The attack comes a day after U.S. Central Command announced it had destroyed multiple Iranian ballistic missiles and drones and launched a “self-defense strike” on Qeshm Island in the Persian Gulf. This was in response to an “attempted attack” by the Iranian government.
Israeli Prime Minister Benjamin Netanyahu said in an interview with CNBC that Israel and the United States are ready to attack Iran again if necessary.
“Israel is ready, the US military is ready, and I think Iran should consider that. I think they are, but they are playing with fire,” Netanyahu said.
Oil prices fell on news that Lebanon and Israel had agreed to implement a ceasefire, according to a joint statement with the United States released by the State Department on Wednesday after negotiations in Washington.
The ceasefire is conditional on a complete cessation of firing by the Iran-allied Hezbollah militia and the withdrawal of all operatives from the southern Litani area, the statement said. The two countries agreed to a ceasefire last month, but hostilities remain.
west texas intermediate On Thursday, futures prices fell 3% to $93.16, while international benchmark Brent crude oil fell 2.5% to $95.23 per barrel.
In the United States, Dow Jones Industrial Average rose 1.7%; S&P500 Last time it rose by 0.2%, but there was a lot of high-tech industry. Nasdaq It fell 0.3% amid Thursday’s tech reversal.
—CNBC’s Justina Lee and Reuters also contributed to this report.
