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Markets

European stocks sink on Ukraine

Published March 1, 2022 Updated March 1, 2022 03:27pm
By

LONDON: European stock markets sank Tuesday in early deals with investors unnerved by Russia's ongoing attack on Ukraine, dealers said.

In early deals, Frankfurt's DAX index lost 2.1 percent to 14,163.42 points and the Paris CAC 40 slid almost 1.8 percent to 6,542.03.

London's FTSE 100 dropped 0.4 percent to 7,430.72, lapsing into negative territory as the morning progressed.

"European stocks are once again heading lower with Russia Ukraine headlines continuing to hurt sentiment," City Index analyst Fiona Cincotta told AFP.

"Losses on the FTSE are modest, thanks to a strong performance from resource stocks, as commodity prices rise.

"Meanwhile, the DAX is taking a beating once again, which is perhaps unsurprising given Germany's reliance on Russian energy."

Key European indices had also fallen Monday after world powers imposed new sanctions on Russia.

Back in London on Tuesday, Shell's share price dipped 0.7 percent after the energy major announced it would sell its stake in all joint ventures with Gazprom, following Russia's invasion of Ukraine. The news came after rival energy titan BP also signalled its exit from Russia.

"European stock indices remain under negative pressure due to the war," added Swissquote analyst Ipek Ozkardeskaya.

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