untitled design

The European markets are ‘fighting’ for the positive sign

The European markets are trying to break the downward trend after three consecutive negative sessions, with the indices returning to upward territory, drawing impetus from the weakening of the euroas investors assess the impact of Moscow ‘s decision to shut off gas taps to Poland and Bulgaria, as well as the latest corporate earnings announcements.

Pressure has intensified in recent days on international stock markets amid concerns about the risk of slowing growth in Europe and the US as central banks on both sides of the Atlantic abandon zero-interest policies to tackle the jump in inflation.

At the same time, Russia’s invasion of Ukraine, which has led to a spike in energy prices, continues unabated, with little indication that the two sides are making progress in talks on a ceasefire agreement.

At the same time, Russia has decided to cut off gas supplies to Poland and Bulgaria, further escalating tensions with the EU. Russia’s Gazprom has said it will cut off gas supplies to Poland and Bulgaria and will keep the taps closed until the two countries comply with Moscow’s request for ruble payments. Gas prices in Europe jumped more than 20% after this development.

On the board, the pan-European STOXX 600 index gained small gains of 0.2% to 441.92 points after falling 1% to the day low.

The German DAX traded marginally at 13,745.25 points, the French CAC 40 gained 0.06% to 6,418.17 points, while the British FTSE 100 gained 0.25% to 7,404.51 points.

In the periphery, the Italian FTSE MIB is falling marginally, while the Spanish IBEX 35 is losing 0.3%.

Meanwhile, investment attention remains focused on the announcements of quarterly results that continue on both sides of the Atlantic. In Europe, Credit Suisse today announced losses for the first quarter of 2022 as well as the reorganization of its management team. For its part, Deutsche Bank announced profits of 1.06 billion euros for the first quarter of the year. Lloyds Banking Group announced a drop in profits for the last quarter, with the British bank, however, revising its estimates for the year.

Source: Capital

You may also like

Get the latest

Stay Informed: Get the Latest Updates and Insights

 

Most popular