LONDON – European markets fluctuated on Tuesday as the prospect of a Western ban on Russian oil imports raised concerns about inflation and slowing growth.
pan europe Stokes 600 It was up 0.4% in early trade after falling 0.6% at the open. Banks jumped 2.3 percent, while media stocks fell 0.8 percent.
European shares closed sharply lower again on Monday After the continental index fell 7% last week to record its worst week since March 2020.
Peace talks between Russia and Ukraine in Belarus have made little progress in easing the escalating war, and investors remain volatile after the war. The United States has revealed active discussions with European governments About ban on imports of Russian crude oil and natural gas.
Such a move could pose the risk of stagflation – a period of slow economic growth and high unemployment combined with high inflation – for the global economy.
The news has been sent Oil prices to their highest level in 13 years, although they gave up most of those gains during Monday’s trading session. International benchmark Brent crude rose about 1.7% to trade at $125.30 a barrel early Tuesday morning in Europe, while US crude rose 1.4% to hover around the $121 mark.
Ukrainian Defense Intelligence Agency Claimed Monday night To kill a second Russian general near Kharkiv where heavy fighting has broken out in recent days.
Mainland China markets led declines across the board in Asia Pacific On Tuesday, while US stock futures He pointed to more losses on Wall Street later in the day, after the S&P 500 posted its worst day since October 2020 during regular trading on Monday.
Subscription to CNBC PRO For exclusive insights, analytics, and live action day programming from around the world.