Europe open: Shares slip as sanctions fallout dampens sentiment

by | Mar 1, 2022

European stocks slipped lower at the open on Tuesday, as investors continued to watch the Russian invasion of Ukraine and the growing impact of economic sanctions on Moscow.
The pan-European Stoxx 600 was down 0.5% in early deals with all major regional bourses lower. Meanwhile, US futures were up.

Ceasefire talks between Russia and Ukraine on Monday failed to reach a breakthrough and negotiators have not said when a new round would take place.

The Russian rouble has collapsed as Western nations cut off access to global payment systems, with the country’s central bank forced to double interest rates on Monday and people queuing to take out their cash.

Oil prices continued to hover around the $100 a barrel mark. Brent crude futures rose 2% to $99.88 per barrel but were still well below last week’s $105.79, reached after Russian troops crossed the border.

In equity news, shares in Shell edged ahead after the energy giant said it was dumping all its Russian operations, including a major liquefied natural gas plant.

Flutter slumped almost 10% as underlying annual profit fell after the gambling group was hit by a string of punter-friendly sporting results in the UK and Ireland.

Shares in meal kit company HelloFresh were down as annual profits fell.

German chemicals maker Covestro gained 5% after saying it had more than doubled its 2021 core profit and expected upbeat earnings for 2022.

Shares of Austria’s Raiffeisen Bank International traded 7.5% higher early, partly making up for a 14% drop on Monday.

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