European equity markets were poised to open sharply lower on Monday after President Donald Trump announced plans to blockade the Strait of Hormuz following the failure of US-Iran negotiations in Islamabad over the weekend, raising the risk of a deeper global energy crisis. Trump is also reportedly weighing renewed strikes on Iran. Talks in Pakistan ended without an agreement as the US accused Iran of refusing to abandon its nuclear ambitions, while Tehran reportedly demanded control of the Strait of Hormuz, war reparations, a regional ceasefire, and access to frozen overseas assets. In Europe, investors will look to Turkish retail sales and Russian trade data, along with earnings from French luxury group LVMH. In premarket trading, Euro Stoxx 50 and Stoxx 600 futures were down 1.5% and 1.2%, respectively.
