Global Sell-Offs Strike European Markets
European markets take a hit on Monday as the global markets continue to face widespread sell-offs.
The pan-European Stoxx 600 index kicked the week off on a negative note, with all its sectors apart from utilities opening 1.3% lower.
The European markets were buffeted by the stricken Asia-Pacific markets Monday caused by a massive sell-off on Wall Street on Friday. The Shenzhen component fell around 6%, while the Shanghai composite slid 5.09%.
Concerns about China’s Covid outbreak are also roiling Asian markets amid efforts to contain its worst outbreak despite strict lockdowns in its largest city, Shanghai.
Meanwhile, U.S. stock futures sank on Friday night as investors speculate looming rate hikes. Wall Street is counting on Amazon and Apple for what will be its busiest week yet in corporate earnings season.
Investors in Europe are also taking in the results of the French presidential election on Monday, and assessing the latest situation in the Russia-Ukraine war. Dutch health-tech company Philips had its stock plummet 10%, and Swiss drugmaker Roche’s shares dipped 1.7%.
Only a complete withdrawal of Russian forces from Ukraine will bring the war to a conclusion, according to Ukrainian Prime Minister Denys Shmyhal.