European stocks fell Monday, as investors clung to hopes that diplomacy will prevali over an increasingly tense Russia-Ukraine crisis. Technology stocks led the downside on the heels of sharp losses for that sector in the U.S. on Friday.
The Stoxx Europe index SXXP dropped 0.6% to 457, after a near 1.9% drop last week, which was the biggest weekly fall since late January. The German DAX DAX was down 0.5%, while the FTSE 100 index UKX slipped 0.1% and the French CAC 40 PX1 fell 1%. The office of French President Emmanuel Macron said late Sunday that a meeting between the two leaders had been agreed “in principle,” provided Russia does not invade Ukraine.
“The tentative summit between Russia’s Vladimir Putin and the US’s Joe Biden might be one of the last chances for peace. At stake is the defense cooperation between Ukraine and Western countries and other security measures sought by Russia,” said Sebastian Galy, senior macro strategist at Nordea Asset Management.
Shares of Credit Suisse CS fell 1.2% after media reports emerged citing leaked information on more than 18,000 accounts managed by the bank that had allegedly been involved in human rights abuses, corruption and drug trafficking. Shares of BE Semiconductors BESI BESVF slumped 6% following the semiconductor assembly equipment’s results late Friday, which showed falling revenue and orders amid supply chain problems. The company proposed a 95.9% hike in its dividend for 2022 compared with 2020, of €3.33 per share.
What? But everybody is partying in the streets assuming the war is over.
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