Major European equity benchmarks closed mostly lower as London and European traders headed home, with Middle East tensions continuing to keep crude oil elevated. Declines in Germany, France and the UK were modest, Spain underperformed, and Italy's FTSE MIB bucked the trend with a gain.

European closing levels

• Germany's DAX: 25,259.91, down 17.78 points, or 0.07%
• France's CAC 40: 7,827.64, down 5.25 points, or 0.07%
• UK's FTSE 100: 10,650.34, down 5.94 points, or 0.06%
• Spain's IBEX 35: 19,210.70, down 75.10 points, or 0.39%
• Italy's FTSE MIB: 50,057.17, up 22.18 points, or 0.04%

European bond yields mixed

Benchmark 10-year yields moved lower in most of the major European markets, with the UK the exception:

• Germany: 3.463%, down 0.5 basis points
• France: 4.839%, down 5.5 basis points
• UK: 5.451%, up 0.8 basis points
• Spain: 4.086%, down 1.6 basis points
• Italy: 4.563%, down 2.6 basis points

Trump's Middle East comments keep escalation risks in focus

President Trump's remarks added to the focus on Iran and the Houthis as tensions in the Middle East heat up. The headlines included:

• Houthis: Trump said they are "behaving very badly."
• Election timeline warning: He said somebody should explain to the Houthis that he is not running in the elections and has already won, adding that he would be there after the elections and would "never forget."
• Iran: Trump said he would make a decision on Iran very soon, without specifying what that decision would involve.
• US naval operations: In a separate Truth Social headline, Trump praised the US Navy blockade against Iran.
• Saudi Arabia: He said he had spoken with the Saudi Crown Prince.
• Possible Turkish involvement: Asked whether he would ask Turkey to join the response in Yemen, Trump replied, "I might."

The comments leave traders waiting for the next step. A decision on Iran and any widening of the response against the Houthis remain key developments to watch, as is the question of whether he acts before the election or waits until after.

Oil trades higher

WTI front-month futures were at $93.90, up $0.16, or 0.17%, in the supplied snapshot. Energy prices matter beyond oil markets because they can affect household and business costs, keeping crude developments relevant alongside the session's mixed bond-yield moves.

Existing-home sales beat modestly, but the underlying market remains soft

US existing-home sales rose to an annualized rate of 3.99 million in September, above the 3.95 million estimate, an increase of 1.5% month over month.

The regional picture was mixed: sales increased in the South and West, held steady in the Midwest and declined in the Northeast. Compared with a year earlier, sales declined in all four regions.

Despite the monthly improvement, National Association of Realtors Chief Economist Lawrence Yun said August and September were the two slowest sales months of the year. Higher mortgage rates in recent weeks are making it harder for buyers to qualify, while higher inventory and longer selling times are giving buyers more negotiating power. For sellers, that means realistic pricing—and potentially discounts or incentives—may be needed to get a deal done.

US stocks lower, Treasury yields mixed

Around 12:30 PM ET, the major US stock indices were trading lower:

• Dow Industrial Average: 51,681.18, down 175.00 points
• S&P 500: 7,798.99, down 8.25 points, or 0.11%
• Nasdaq Composite: 27,211.89, down 34.01 points, or 0.12%
• Russell 2000: 2,778.35, down 16.13 points, or 0.58%
• Nasdaq 100: 30,543.75, down 120.95 points, or 0.39%

US Treasury yields showed a split between the short and long ends:

• 2-year: 4.812%, up 2.12 basis points
• 5-year: 5.019%, down 0.17 basis points
• 10-year: 5.225%, down 1.87 basis points
• 30-year: 5.575%, down 2.39 basis points

Elsewhere, gold and silver were lower while bitcoin moved higher:

• Spot gold: $4,156.78, down 0.36%
• Silver: $59.253, down 1.73%
• Bitcoin: $83,427, up $1,681, or 2.06%