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European Stocks Higher; Sentiment Still Fragile as Ukraine War Continues

Stock Markets Mar 08, 2022 03:51AM ET
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© Reuters

By Peter Nurse 

Investing.com - European stock markets climbed in volatile trading Tuesday, but sentiment remains fragile amid ongoing concerns that the Russia/Ukraine war will hurt global growth by pushing commodity prices sharply higher.

By 3:50 AM ET (0850 GMT), the DAX in Germany traded 0.7% higher, the CAC 40 in France climbed 1.6% while the U.K.’s FTSE 100 traded flat.

Russia and Ukraine have said they will continue to hold talks on a potential ceasefire, although a third round of discussions on Monday made scant progress, with Moscow continuing its bombardment of several Ukrainian cities, deepening the humanitarian crisis. 

Kyiv has rejected Moscow's offer of possible humanitarian corridors to Russia and Belarus, claiming that Russia violated three previous attempts to create them.

The conflict, and the sanctions the West has levied on Moscow as a result, have pushed oil prices up to 14-year highs, while European gas, nickel, and wheat have also climbed to record levels amid concerns about supply disruptions.

These widespread price rises have put the European Central Bank’s meeting on Thursday firmly into focus as policymakers must now grapple with the prospect of inflation, already at record highs, rising yet further just as a new crisis threatens the economy.

On the economic data front, Eurozone GDP data for the fourth quarter of last year are expected to show a surge in growth of 4.6% on the year, while data already released show German industrial production rose 2.7% on the month in January, much more than expected.

In corporate news, Danone (PA:DANO) stock rose 1.4% after the French food group pledged to step up investments behind its brands as it seeks to accelerate revenue growth in a fresh strategy plan.

Greggs (LON:GRG) stock slumped 9% after the high street bakery said it’s experiencing higher than expected cost pressures, which means it won’t make “material profit progression” in the year ahead.

Fresnillo (LON:FRES) stock rose 3.5% after the precious-metal miner reported a boost in profit in 2021, helped by high prices for its gold and silver production, allowing it to increase its final dividend.

Oil prices traded higher, remaining near the previous session’s 14-year highs. The latest weekly inventory report from the American Petroleum Institute, an industry group, is due later Tuesday, and follows a drop of just over 6 million barrels last week.

Crude had soared on Monday after the U.S. said it was discussing a ban on Russian oil with its major European allies, but gains dissipated after Germany, the biggest buyer of Russian oil, rejected plans for an energy embargo.

By 3:50 AM ET, U.S. crude futures traded 2.2% higher at $122.00 a barrel, while the Brent contract rose 2.7% to $126.59. Both benchmarks hit their highest levels since July 2008 on Monday, with Brent hitting $139.13 a barrel and WTI $130.50.

Additionally, gold futures rose 0.9% to $2,014.70/oz, while EUR/USD traded 0.4% higher at 1.0893.

European Stocks Higher; Sentiment Still Fragile as Ukraine War Continues
 

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Comments (1)
Kochar Bipin
Kochar Bipin Mar 08, 2022 4:41AM ET
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Biden is targetting German economy with his sanctions - as US and UK are both oil and gas exporters and will benefit hugely at the cost of German populace and economy
Chad Richer Than You
Chad Richer Than You Mar 08, 2022 4:41AM ET
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Germany should have listened to Trump years ago
 
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