Friday, June 14, 2024

European stocks fell sharply as Russian sanctions triggered growth fears


© Reuters. Germany’s DAX index on the Frankfurt Stock Exchange on Thursday. Photo: Reuters.

(Reuters) – European stocks fell sharply on Thursday as concerns over the impact of mounting sanctions on Russia weighed on sentiment, despite continued rally in commodity prices supporting mining stocks.

The European index fell 2%, leaving behind the modest gains it had made since its inception. Shares of travel and retail companies led to losses shared by a wide range of companies.

But the miners’ index rose 0.6 percent to its highest level since 2008, when prices of base metals reached new highs, triggered by concerns about supply damage due to sanctions on Russia over Ukraine.

Concerns are growing in Europe about the consequences of the crisis controlling inflation and economic growth, with many countries relying on Russian gas supplies.

The Stoxx 600 is on track to record its third consecutive weekly decline and its worst weekly performance since November.

A volatile session on Thursday saw the European oil and gas sector index fall 3.8 percent. Oil rose during the session, nearing its maximum level in nearly a decade, then declining,

The banking sector index fell 1.6 percent, continuing its sharp decline this week, due to concerns over its exposure to Russia and the decline in expectations of a rise in interest rates from the European center.

(Produced by Salma Najm for Arabic Newsletter – Ali Kafaji Editing)

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Nadia Barnett
Nadia Barnett
"Award-winning beer geek. Extreme coffeeaholic. Introvert. Avid travel specialist. Hipster-friendly communicator."

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