European stocks fell on Tuesday as the sanctions on Russia’s central bank and sovereign wealth funds threatened further disruption to already stretched supply chains.
In economic releases, Eurozone PMI Manufacturing was finalized at 58.2 in February, down slightly from January’s 58.7.
Elsewhere in the U.K., the IHS Markit/CIPS manufacturing Purchasing Managers’ Index (PMI) recorded an output reading of 56.9 in February, up from 54.5 in January.
The pan European Stoxx 600 fell 1.3 percent to 447.25 as peace talks failed to ease ceasefire and shelling continued into a sixth day in Ukraine.
The German DAX lost 2.1 percent, France’s CAC 40 index gave up 2.1 percent and the U.K.’s FTSE 100 was down 0.6 percent.
Swiss Life gained 1 percent after reporting a 20 percent rise in FY net profit.
Austria’s Raiffeisen Bank International declined 4.6 percent to extend losses from the previous session.
Banks extended recent losses, with Commerzbank, Deutsche Bank and Credit Agricole all falling around 4 percent.
Flutter Entertainment shares plunged 13 percent in London. The gambling and betting group booked a pretax loss for 2021 after incurring a 543 million pounds ($728.4 million) charge for noncash amortization from acquired intangibles.
Energy major Shell fell 1.2 percent after saying it would exit all its Russian operations.
Miner EVRAZ, which has a large exposure to Russia, tumbled 3.7 percent.
German chemicals maker Covestro surged 2.6 percent after saying it had more than doubles its full-year core profit.
Sportswear brand Adidas shed 1.2 percent after announcing that it has formally completed the sale of its arm Reebok, to Authentic Brands Group, an American apparel, athletics, and entertainment brands owner.
Zalando, Europe’s biggest online fashion retailer, plunged 7.4 percent. The company forecast sales growth to decelerate this year.
European Shares Decline Amid Ukraine Jitters
2022-03-01 10:21:14
