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European stocks fall for the third day due to the war in Ukraine

Lima, March 2, 2022Updated on 03/02/2022 10:41 am

European stock markets fell on Wednesday as rising commodity prices raised fears of inflation at a time when sanctions against Russia over its invasion of Ukraine have dampened risk appetite.

In the opening, the bag Paris fell 0.57%, Frankfurt 0.49% and Madrid 0.21%. In contrast, London advanced 0.25%.

The pan-European STOXX 600 index was down 0.5% by 0811 GMT, entering its third straight session of losses.

The European Oil and Gas Index rose 1.6% on a nearly 7% rise in crude prices, with Brent crude soaring above $110 a barrel for the first time since 2014.

Miners gained 1.5% as prices for metals including nickel and aluminum rose, supported by growing fears of supply disruptions.

Automakers took the biggest hit, falling 3.3%.

Eurozone banks fell 2.2%, hitting 10-month lows as bets on interest rate hikes by the European Central Bank retreated.

Among individual stocks, Ericsson plunged 11.5% after the Swedish telecommunications equipment maker said disclosures it made to the US Justice Department about an internal investigation into conduct in Iraq were insufficient.

With information from Reuters

Source: Elcomercio

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