LONDON European stocks fell sharply on Monday, following negative sentiment globally as investors continued to ponder persistently high inflation.
The pan-European Stoxx 600 slid 2% around midday London time, with core resources shedding 4.2% to lead losses, with all sectors and major exchanges trading firmly in negative territory.
Risk aversion for European markets comes after regional stocks fell at the end of the last trading week following a rout in US markets, with Wall Street posting its worst day since 2020 last Thursday.
US stock futures fell sharply in early premarket trading as traders struggled to find their footing after a dramatic week of trading in the US.
Last week, the Nasdaq Composite lost 1.54%, while the S&P 500 and the Dow fell 0.21% and 0.24%, respectively. It was the sixth straight week of loss for the Dow and the fifth straight for the other two major indexes.
Asia-Pacific stocks fell on Monday as investors watched the market’s reaction to better-than-expected Chinese trade data.
Investors are also keeping tabs on the war in Ukraine, as dozens of people are believed to have died after a school in the Luhansk region of eastern Ukraine was hit by Russian shelling. Lugansk is one of two regions that make up the Donbass, where Russian troops are now largely concentrating their attacks.
Russia was also under scrutiny on Monday, as it held its “Victory Day”, a public holiday commemorating the Soviet Union’s defeat by Nazi Germany in World War II.
In his speech, President Vladimir Putin tried to justify his unprecedented invasion of Ukraine by claiming without evidence that the West was “preparing for the invasion of our land, including Crimea”, according to a Reuters translation. .
US First Lady Jill Biden made a surprise visit to Ukraine on Sunday. The United States and the Group of Seven countries have announced that they will increase their short-term financial support for Ukraine as the war with Russia nears three months.
In terms of individual stock price developments in Europe, UK advertising agency S4 Capital plunged more than 13% after it was forced to revise its earnings outlook down after an audit glitch delayed the publication of its annual results.
CNBC’s Jesse Pound contributed to this market report.
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