European stocks are moving higher for a second straight session on Monday, with investors weighed in on developments in the war in Ukraine ahead of a new round of talks starting today in Istanbul and expected to last until Wednesday.
A senior Ukrainian official said Monday that he did not expect any significant progress from the talks. “I do not think there will be any significant progress on the main issues,” Vadym Denysenko was quoted as saying by Reuters.
Ukrainian President Volodymyr Zelensky reiterated that his country is ready to discuss the adoption of a neutral regime as part of a peace agreement with Russia. Meanwhile, US Secretary of State Anthony Blinken sought to clarify President Joe Biden’s comments that Russian President Vladimir Putin “can not stay in power.” The United States does not have a strategy for regime change in Russia, the US Secretary of State told reporters.
On the field, Russia launched new airstrikes Sunday night, including in Kyiv and in the cities of Luzk, Rivne and Kharkiv. The Ukrainian leadership has accused the Russian military of pursuing “inhumane tactics”, referring to the “partial or complete blockade of humanitarian corridors” and the “blockade of besieged cities”, according to Ukrainian presidential adviser Mikhail Pontoliak.
In this climate, the pan-European index Stoxx 600 adds 0.6% to 456 points, with the auto industry leading earnings up 1.4%. Shares of oil and gas fell by 0.4%.
In the individual dashboard, the German DAX earns more than 1% at 14,460 points, the French CAC 40 adds 0.8% to 6,600 points and the British FTSE 100 climbs 0.3% to 7,500 points.
On the periphery, the Italian FTSE MIB records gains of 0.8% at 24,750 points and the Spanish IBEX 35 adds 0.9% to 8,400 points.
In macro of the day, climate among German exporters suffered the biggest drop in March since the onset of the coronavirus crisis, in April 2020, as it collapsed due to the war in Ukraine, announced the economic institute Ifo. The Ifo index of export expectations fell to -2.3 points from 17 points in February.
In search of direction the stock exchanges in the Asia-Pacific region at the beginning of the week, presenting mixed signs against the background of the economic data announced over the weekend in China but also the resurgence of coronavirus cases in the country.
In the Hong Kong Hang Seng is up 1.3%, while Hang Seng Tech is up 3% with a push from the Meituan Rally gaining more than 14%, while Tencent is up 3.8%.
Source: Capital
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