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European stocks cut losses after ceasefire talks

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European stocks cut almost all session losses today as Russia and Ukraine held ceasefire talks, while euro zone banks slumped as they braced for impacts from tough new sanctions on Russia.

The pan-European STOXX 600 ended 0.1% lower after having fallen nearly 2% in the session, as investors bought defensive and technology names.Dublin's ISEQ index was up 56 points to close at 7,860.

Officials from Russia and Ukraine ended peace talks today and will return to their respective capitals for further consultations before a second round of negotiations, RIA news agency reported. "The lack of any obvious progress in the Russia-Ukraine ceasefire talks has not provoked any further selling," said Chris Beauchamp, chief market analyst at online trading platform IG.Euro zone banks slumped 5.7% with lenders most exposed to Russia, including Austria's Raiffeisen Bank, UniCredit and Societe Generale, plunging between 9.5% and 14%.

Euro zone money markets further scaled back expectations for rate hikes from the European Central Bank, with traders now pricing in a total of 30 basis points by year-end, from roughly 35 bps late last week.

 

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