European markets faced a turbulent day as geopolitical tensions and regulatory crackdowns rattled investor sentiment.
Stocks slipped across the continent while oil prices surged amid concerns over the Iran conflict and supply disruptions.
At the same time, governments and regulators tightened scrutiny on major technology firms and global corporations, from child safety rules targeting social media giants to tax probes and new trade investigations.
Meanwhile, Tesla’s expansion into Britain’s power market signals fresh competition in the energy sector.
European stocks tumble
European stocks closed lower on Thursday, with the pan-European Stoxx 600 ending about 0.7% down as investors weighed the Iran conflict.
Markets stayed focused on energy after the International Energy Agency said it would release 400 million barrels of oil to ease supply disruptions linked to the Iran war, though it gave no fixed timeline.
Despite that move, oil prices jumped more than 8% overnight, with Brent crude touching $100 a barrel.
Investors also digested the Trump administration’s announcement of new trade investigations into the European Union and more than a dozen other countries.
UK regulators slam tech giants over child safety
Britain’s media and privacy regulators have ordered major social media platforms to step up efforts to keep children off their services.
The regulators warned that the tech giants are failing to enforce basic age limits.
Under the latest phase of the Online Safety Act, Ofcom told Meta’s Facebook and Instagram, Roblox, Snapchat, TikTok, and YouTube to spell out by April 30 how they will toughen age checks.
The regulators want the social media companies to curb contact from strangers and stop testing new products on minors.
The Information Commissioner’s Office separately urged companies to deploy “modern, viable” age-verification tools to block under-13s.
Tesla to supply electricity in UK
Tesla has won regulatory clearance to enter Britain’s retail power market, expanding its push beyond electric cars and batteries.
UK energy watchdog Ofgem granted an electricity supply licence to Tesla Energy Ventures, allowing the unit to sell power to households and businesses across Great Britain.
The license is limited to electricity supply and sits alongside a separate generation licence held by Tesla Motors since 2020.
The move brings a high-profile new competitor into an already crowded market dominated by British Gas, EDF, Octopus Energy, and others.
Italian prosecutors seek Amazon’s trial
Milan prosecutors want Amazon’s European unit and four executives to stand trial on charges of dodging around 1.2 billion euros ($1.38 billion) in Italian taxes, a Reuters report said on Thursday.
The case targets alleged VAT evasion on online sales from 2019 to 2021, where Amazon’s algorithm let non-EU sellers avoid declaring their identities and paying the tax.
Prosecutors took the unusual step despite Amazon’s December settlement paying 527 million euros plus interest to Italy’s tax agency.
Amazon insists it follows all tax rules and plans a strong defense. The outcome could shake up its model across Europe.
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