European Shares Sink As Russia Launches Full-scale Invasion

European stocks joined a global sell-off on Thursday, as Russian President Vladimir Putin announced a war on Ukraine and U.S. President Joe Biden said the U.S. will coordinate with NATO allies to ensure a strong, united response.

The pan European Stoxx 600 fell a little over 3 percent to 440.02 after closing 0.3 percent lower on Wednesday.

The German DAX lost nearly 4 percent, France’s CAC 40 index slumped 3.8 percent and the U.K.’s FTSE 100 was down 2.5 percent.

Banks led losses, with Commerzbank, Deutsche Bank, BNP Paribas, Credit Agricole and Societe Generale plummeting 6-8 percent.

Aerospace company Rolls Royce plunged almost 15 percent in London on news its chief executive officer Warren East will step down at the end of this year.

Lloyds Banking Group lost 9 percent after its pretax profit for the fourth quarter of 2021 came in below market expectations.

BP Plc lost 5.4 percent and TotalEnergies fell 4 percent despite Brent prices breaching $100 a barrel for the first time since 2014 after Russia’s attacks across Ukraine.

Miner Anglo American gained 2 percent after it delivered record profit and cash returns.

France’s Accor tumbled 7.7 percent despite the hotel group returning to profit for 2021.

Conglomerate Bouygues declined 2.5 percent. After posting encouraging annual earnings, the construction, telecoms and media group said it expects to grow its sales and core profit further in 2022.

Aircraft engine manufacturer Safran lost 4.1 percent and insurer Axa gave up 4.8 percent despite posting solid FY21 results.

Aixtron, a chip equipment manufacturer, rallied 2.5 percent after its revenue for the full year 2021 increased 59 percent.

Deutsche Telekom lost 5 percent after reporting a fall in fourth-quarter profit.

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