The European markets are ‘under siege’ with losses of 7% per week

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European stocks plunged 3.6% on Friday, extending their weekly losses to 7% with the war in Ukraine causing a sell-off in world markets.

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On Friday, the spectrum of the dangers posed by the Russian invasion of Ukraine included the possibility of a nuclear accident, after the nuclear plant in Zaporizhia, the largest in Europe, was hit during a bombardment by Russian forces, resulting in a fire in of the band.

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Ukraine has informed the International Atomic Energy Agency that the incident did not affect critical infrastructure and that there has been no increase in radioactivity levels. The factory is said to have passed Russian control.

Ukrainian President Volodymyr Zelensky has accused Russian President Vladimir Putin and Moscow of “nuclear terrorism” and has had successive contacts with leaders around the world.

Meanwhile, Russia’s military offensive against Ukraine continues unabated for the ninth day, with the siege tightening around Kyiv. At the same time, the G7 foreign ministers agreed on “new, tougher sanctions” against Moscow, if the Russian attack on Ukraine does not stop.

In this climate, the pan-European index Stoxx 600 lost 3.56% to 421.78 points, with the banking sector recording a “dip” of 6.7% and being the big loser of the day. In weekly basisthe Stoxx 600 fell 7%, marking its worst 5-day period since March 2020.

In the individual dashboard, the German DAX fell by 4.41% to 13,094.54 points, the French CAC 40 lost 4.97% to 6,061.66 points and the British FTSE 100 slipped 3.48% to 6,987.14 points.

In the periphery, the Italian FTSE MIB sank 6.24% to 6,464.86 points, while the Spanish IBEX 35 lost 3.63% to 7,720.90 points.

In the individual shares, the Anglo-Russian mining company Polymetal International rallied 25% to limit its profits to 17% after its downgrade by JPMorgan. During the week the title “sank” by 60% due to its Russian report.

On the other hand, Telecom Italia slipped by almost 16%, falling to record lows as analysts revised down their forecasts after the company announced losses in 2021 and disappointing guidance.

Source: Capital

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