European stock markets fell as traders assessed a flurry of corporate earnings reports, while mixed news emerged regarding the Middle East situation. The Stoxx Europe 600 index closed down 0.3%. Travel and leisure stocks led the declines as Brent crude rose to $102 per barrel. On the earnings front, shares of Reckitt Benckiser dropped 4.6% after the company reported weaker-than-expected sales growth due to sluggish demand for its cold medicines. U.S. President Donald Trump stated that the ceasefire agreement reached on April 7 would remain in effect while Washington awaits a new peace proposal from Tehran. Meanwhile, the two nations continue to vie for control of the Strait of Hormuz, where Iranian gunboats fired on merchant vessels on Wednesday. "Trump’s inconsistent statements and insistence on maintaining U.S. sanctions against Iran mean investors must continue to speculate," said Russ Mould, Investment Director at AJ Bell. In other individual stock movements, shares of semiconductor equipment maker ASM International NV rose 7.1%, hitting a record high, after the company reported first-quarter revenue that exceeded expectations.
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