Last month, Russia invaded Ukraine. The conflict is far from being over. Unsurprisingly, the situation in Ukraine continues to dominate headlines. European stocks were uncertain on Wednesday as the conflict between Russia and Ukraine continues.
The pan-European Stoxx 600 gained 0.3% by early afternoon after declining 0.9% at the open. Autos dropped 1.7% while oil and gas stocks gained 4.1% thanks to oil prices.
The choppy trade in the region came after a mixed close in Asia-Pacific markets, with shares in Asia-Pacific dented by concerns over the Russia-Ukraine conflict.
The war between Russia and Ukraine is leading to a surge in oil prices. Brent crude futures added around 7.5% at $112.86 per barrel, their highest in seven years. U.S. crude futures also strengthened its position. It rose around 7.5% to $111.17 per barrel.
European stocks declined on Tuesday as a significant Russian military convoy headed toward Kyiv. Russian forces bombed the city’s main television tower on Monday, Meantime, they continue to attack Kharkiv, Ukraine’s second-largest city.
U.S. stocks and Ukraine
U.S. stocks fell on Tuesday as oil prices jumped and investors continued to analyze the conflict in Ukraine.
On Tuesday, the Dow Jones Industrial Average declined 597.65 points or 1.76% to close at 33,294.95. The S&P 500 fell 1.55% to 4,306.26. The Nasdaq Composite declined 1.59% 13,532.46.
As mentioned above, Russian troops headed toward the country’s capital Kyiv. A U.S. defense official said on Tuesday that 80% of the Russian troops that massed near Ukraine’s border in February have now entered the country.
Financial stocks declined on the second day of the month. Bank of America dropped 3.9%, Wells Fargo declined 5.8% and Charles Schwab fell nearly 8%.
Interestingly, American Express was the worst-performing stock in the Dow, declining more than 8%.
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