Business

European stocks close lower as ECB meeting nears

Investors focused on Russia-Ukraine war, concerned about impact of inflation and higher interest rates on global economy

European stock markets closed the first trading day of the week with losses, except for France’s CAC 40 index.

At the close, the benchmark index Stoxx Europe 600 lost 0.59% to 458.26 points.

The UK’s FTSE 100 index dropped 0.67% to 7,618.31 points, while the DAX 30 index in Germany fell 0.64% to 14,192.78 points.

The FTSE MIB 30 index in Italy also lost 0.28% to 24,749.49.

However, France’s CAC 40 index rose 0.12% to 6,555.81.

Investors have been focused on developments in the Russia-Ukraine war, and remain concerned about the impact of inflation and higher interest rates on the global economy.

The decisions to be taken by the European Central Bank (ECB) this week, following the highest levels of inflation in Europe in recent years, are at the forefront of investors’ minds.

The EU on Monday added 21 Russian airlines to its blacklist on the grounds that they do not meet international safety standards.

German firm BioNTech and US-based Matinas BioPharma are reportedly also collaborating on developing new formulations for mRNA-based vaccines.

The World Bank also announced that Ukraine’s economy could shrink by 45.1% this year due to the effects of the war, and that the Russian economy could contract 11.2% due to the war and international sanctions.

Source
AA

Leave a Reply

Your email address will not be published.

Back to top button