European stocks tumbled on Tuesday after the United States banned Russian oil imports, heightening volatility and fears of global stagflation and offsetting a rally in financial securities.
The pan-European STOXX 600 index closed down 0.51% at 415.01 points in a busy session in which the technology, healthcare and materials sectors weighed on the index.
US President Joe Biden on Tuesday banned Russian oil and energy imports, stepping up a campaign of pressure on Moscow in retaliation for the invasion of Ukraine, while Britain said it would phase out Russian imports of oil and oil products until the end of 2022.
So far, the European Union has refrained from banning imports in the face of its dependence on Russian oil and possible repercussions for inflation.
The STOXX 600 is down nearly 15% so far this year, down from record highs as the crisis in Ukraine intensifies.
- In London, the Financial Times index advanced 0.07%, to 6,964.11 points;
- In Frankfurt, the DAX index fell 0.02% to 12,831.51 points;
- In Paris, the CAC-40 index lost 0.32%, to 5,962.96 points;
- In Milan, the Ftse/Mib index appreciated by 0.79%, at 22,336.10 points;
- In Madrid, the Ibex-35 index registered an increase of 1.82%, to 7,783.40 points;
- In Lisbon, the PSI20 index rose by 1.39%, to 5,468.64 points.
Source: CNN Brasil
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