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4 Apr 2022
European Shares Turn Flat amid Mounting Pressure for Sanctions on Russia
The Index Today
European shares retreated from initial gains on Monday turning flat after Ukraine condemned Russia for committing war crimes against it as Western nations gather to impose more stringent sanctions against the Kremlin.
According to Reuters, the pan-European STOXX 600 index was flat, marked by bank losses partly offsetting gains in the healthcare sector. Healthcare stocks like Roche rose by 2% after the FDA in the U.S. approved a special review of its drug which can possibly be used to treat hospitalized adult COVID-19 patients, thereby bolstering the gains under STOXX 600. The index was also helped by Delivery Hero’s 12.8% soar after it announced a debt backing alliance.
Germany has revealed that the West is gearing up to implement additional sanctions on Russia as Europe contemplates debarring the imports of Russia oil entirely, which accounts for 40% of EU gas consumption.
UBS Global Wealth Management’s Chief Investment Officer Mark Haefele contended, "Markets are probably still underpricing the supply risks related to commodities at this stage." This could potentially further subvert the STOXX 600 index which has plummeted by over 7% since its all-time high in January.
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