Tue, February 07, 2023

European Stocks Choppy on Ukraine Crisis; Credit Suisse Down

European Stocks

On Monday, European stocks declined as global markets monitored the ongoing tensions over Ukraine.

Accordingly, the choppy trade persisted despite the potential US and Russia meeting.

American President Joe Biden and Russian Leader Vladimir Putin have agreed in principle to a summit.

This meeting could pave the way for a diplomatic solution to avert an invasion of Ukraine by Russian forces.

However, the benchmark Pan-European STOXX 600 edged down 0.18% to 459.98 points.

Subsequently, Swedish companies posted significant losses at the bottom of the index.

For instance, property company Sagax plummeted 6.61% to $0.71 per share.

At the same time, Stockholm-based human care firm Elekta shed 5.53% to $9.03 per share.

Likewise, Norwegian hydrogen business Nel slipped 4.57% to $1.37 per share.

Moreover, Swiss investment advice company Credit Suisse Group lost 1.50% to $8.89 per share.

Its downtrend came after a fleet of allegations of a mass leak of data held at the institution in past decades.

The leaked information revealed that the bank has clients who are human rights abusers and businessmen under sanctions.

Nevertheless, Switzerland’s second-biggest bank rejected the accusations of wrongdoing. After a series of risk-management scandals, this issue adds fresh pressure on the firm.

Then, the EURO STOXX 50 index also inched down 0.74% to 4,043.99 points.

Its worst performers are Prosus, ASML Holding, and Schneider Electric. The companies shed 4.99% to $69.68, 2.93% to $629.09, and 2.33% to 160.72, respectively.

In the United Kingdom, the FTSE All-Share index fell 0.15% to 4,189.29 points.

Eventually, the benchmark FTSE 100 also shed 0.01% to 7,512.62 points.

In Paris, the CAC 40 index tumbled 0.65% to 6,884.79 points.

German Shares Skid on Mixed European Stocks

Following the downtrend of European stocks, German shares posted significant losses.

On the economic data front, producer prices in Europe’s largest economy surged 25.00% year-over-year in January. The latest figure outpaced the expected 24.20%.

However, the country’s manufacturing sector slipped to 58.50, lower than the anticipated 59.50.

The MDAX Performance index decreased 0.68% to 32,749.30 points.

Accordingly, chemicals firm Wacker Chemie weakened 3.82% to $143.29 per share.

Then, the benchmark DAX 40 fluctuated 0.40% to 14,982.70 points.

Furthermore, Delivery Hero, an online food ordering business, dwindled by 3.80% to $51.52 per share.

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