Stocks dip on new Iran attacks as oil prices rise

By Tom Westbrook and Harry Robertson

SINGAPORE/LONDON, June 3 (Reuters) - U.S. futures and European stocks fell somewhat connected Wednesday arsenic lipid prices roseate for a 3rd league arsenic hostilities flared successful the Gulf aft U.S.-Iran bid talks stalled.

Europe's STOXX 600 scale fell 0.4% ‌while futures for the U.S. S&P 500 slipped 0.1%.

The AI bull tally continued successful Asia, however, wherever banal indexes climbed to ‌record highs successful Japan and Taiwan.

An Iranian rocket onslaught damaged Kuwait's airdrome connected Wednesday and the U.S. subject deed sites adjacent the Strait of Hormuz arsenic the shaky ceasefire betwixt the ​two sides was erstwhile again severely tested.

Iran and the United States said past week they had reached a tentative woody to halt the war, but they person yet to motion disconnected connected anything.

GROWTH COULD SLOW TO RATES RARELY SEEN

The struggle could dilatory planetary maturation to rates seldom seen extracurricular of crises specified arsenic the 2008 fiscal clang and propulsion ostentation sharply higher if it continues into adjacent year, the Organisation for Economic Co-operation and Development said connected Wednesday.

Oil ‌prices crept backmost towards the $100 mark, with planetary benchmark ⁠Brent crude up 2% to $98 a barrel.

"Last week ... the trajectory was towards immoderate benignant of MOU (memorandum of understanding) and markets were precocious connected the content that that was coming," said Chris Weston, caput of probe astatine broker Pepperstone successful ⁠Melbourne.

"Things are looking much precarious (now). It does suggest that radical are coming backmost to the negotiating array with little scope to get that done and I deliberation we're seeing immoderate of those bets being unwound."

Shares successful large companies focused connected backstage markets fell successful the U.S. and Europe aft Switzerland's Partners Group capped redemptions ​in ​a backstage equity fund, sending its stock tumbling 16% arsenic jitters dispersed from the ​troubled backstage recognition sector.

The U.S. dollar index, which tracks the ‌currency against its peers, was somewhat higher astatine 99.36.

Currency traders were connected edge, however, aft the dollar roseate against the Japanese yen to the 160 level astatine which the marketplace tends to go tense astir involution from authorities successful Tokyo. The dollar past dipped to commercialized astatine 159.82 yen.

The autumn successful the yen prompted warnings from the concern curate connected Wednesday.

AI HYPE ROLLS ON

In the tech space, the artificial quality taxable appeared impervious to warfare worries and Wall Street banal indexes eked retired tiny gains to commercialized astatine grounds highs connected Tuesday.

Shares successful Marvell Technology roseate 32.5% to a grounds ‌high aft Nvidia brag Jensen Huang called the chipmaker the adjacent trillion-dollar company.