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March 1, 2022, 11:42 a.m. EST

European stocks slump as Russian market closed for second day

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By Steve Goldstein

European stocks declined on Tuesday with attention still trained on the isolation of Russia from global financial markets after its invasion of Ukraine.

The Stoxx Europe 600 /zigman2/quotes/210599654/delayed XX:SXXP +0.16% , which ended just 0.1% lower on Monday despite heavier losses early in the day, skidded 2.4%.

Automaker Renault /zigman2/quotes/200919924/delayed FR:RNO +0.82% , German lender Commerzbank /zigman2/quotes/207286669/delayed XE:CBK +3.36% and Irish carrier Ryanair /zigman2/quotes/205429530/delayed IE:RYA +1.63% were among the companies seeing sharp declines.

The German DAX /zigman2/quotes/210597999/delayed DX:DAX +0.74% and the French CAC 40 /zigman2/quotes/210597958/delayed FR:PX1 +0.14% each fell nearly 4%, while the U.K. FTSE 100 /zigman2/quotes/210598409/delayed UK:UKX +0.47% lost 1.7%, as the index’s gearing to commodity producers helped limit damage.

While stocks struggled, bonds soared. The yield on Germany’s 10-year bund /zigman2/quotes/211347112/realtime BX:TMBMKDE-10Y +1.65% turned negative for the first time in a month. The yield on the U.K. 10-year gilt /zigman2/quotes/211347177/realtime BX:TMBMKGB-10Y +2.65% tumbled 26 basis points.

Heavy fighting continued in Ukraine, with the country’s second-largest city Kharkiv bombarded. Russia also said it was about to about making missile strikes on Kyiv, the capital. The Central Bank of Russia kept the local stock market closed for a second day after the U.S. barred transactions with it. The central bank on Monday lifted interest rates to 20% from 9.5%.

Rheinmetall /zigman2/quotes/206400421/delayed XE:RHM -0.21% rose for a second day, gaining 18%, after Germany said it would spend €100 billion to boost its armed forces. Thales /zigman2/quotes/206629262/delayed FR:HO -1.98% and BAE Systems /zigman2/quotes/206753913/delayed UK:BA -1.57% also saw a second day of gains.

Oil companies including Aker BP /zigman2/quotes/210393113/delayed NO:AKRBP -0.09% and Equinor /zigman2/quotes/203290881/delayed NO:EQNR -1.19% surged as oil prices /zigman2/quotes/211629951/delayed CL.1 -2.61% spiked.

/zigman2/quotes/210599654/delayed
XX : STOXX
440.87
+0.71 +0.16%
Volume: 0.00
Aug. 12, 2022 11:03p
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/zigman2/quotes/200919924/delayed
FR : France: Euronext Paris
30.71
+0.25 +0.82%
Volume: 951,372
Aug. 12, 2022 5:35p
P/E Ratio
N/A
Dividend Yield
0.00%
Market Cap
€8.82 billion
Rev. per Employee
€281,064
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/zigman2/quotes/207286669/delayed
XE : Germany: Xetra
7.14
+0.23 +3.36%
Volume: 5.80M
Aug. 12, 2022 6:30p
P/E Ratio
5.62
Dividend Yield
0.00%
Market Cap
€8.65 billion
Rev. per Employee
€285,560
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/zigman2/quotes/205429530/delayed
IE : Ireland: Dublin
12.76
+0.21 +1.63%
Volume: 726,830
Aug. 12, 2022 4:30p
P/E Ratio
66.61
Dividend Yield
N/A
Market Cap
€14.25 billion
Rev. per Employee
€367,854
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/zigman2/quotes/210597999/delayed
DAX
DX : Xetra Indices
13,795.85
+101.34 +0.74%
Volume: 58,498
Aug. 12, 2022 6:30p
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/zigman2/quotes/210597958/delayed
FR : France: Euronext Paris
6,553.86
+9.19 +0.14%
Volume: 59,403
Aug. 12, 2022 6:05p
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/zigman2/quotes/210598409/delayed
UK : FTSE UK
7,500.89
+34.98 +0.47%
Volume: 485,098
Aug. 12, 2022 4:52p
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/zigman2/quotes/211347112/realtime
add Add to watchlist BX:TMBMKDE-10Y
BX : Tullett Prebon
0.99
+0.02 +1.65%
Volume: 0.00
Aug. 12, 2022 6:01p
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/zigman2/quotes/211347177/realtime
add Add to watchlist BX:TMBMKGB-10Y
BX : Tullett Prebon
2.11
+0.05 +2.65%
Volume: 0.00
Aug. 12, 2022 5:00p
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/zigman2/quotes/206400421/delayed
XE : Germany: Xetra
167.05
-0.35 -0.21%
Volume: 108,064
Aug. 12, 2022 6:30p
P/E Ratio
18.67
Dividend Yield
1.98%
Market Cap
€7.23 billion
Rev. per Employee
€240,092
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/zigman2/quotes/206629262/delayed
FR : France: Euronext Paris
121.00
-2.45 -1.98%
Volume: 151,865
Aug. 12, 2022 5:35p
P/E Ratio
21.09
Dividend Yield
2.12%
Market Cap
€26.29 billion
Rev. per Employee
€197,602
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/zigman2/quotes/206753913/delayed
UK : U.K.: London
778.00 p
-12.40 -1.57%
Volume: 2.38M
Aug. 12, 2022 4:35p
P/E Ratio
18.04
Dividend Yield
3.29%
Market Cap
£24.79 billion
Rev. per Employee
£242,939
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/zigman2/quotes/210393113/delayed
NO : Norway: Oslo
kr 330.90
-0.30 -0.09%
Volume: 1.19M
Aug. 12, 2022 4:26p
P/E Ratio
10.35
Dividend Yield
6.09%
Market Cap
kr209.33 billion
Rev. per Employee
kr38.50M
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/zigman2/quotes/203290881/delayed
NO : Norway: Oslo
kr 357.70
-4.30 -1.19%
Volume: 3.52M
Aug. 12, 2022 4:29p
P/E Ratio
7.83
Dividend Yield
N/A
Market Cap
kr1145.38 billion
Rev. per Employee
kr35.73M
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/zigman2/quotes/211629951/delayed
US : U.S.: Nymex
$ 91.88
-2.46 -2.61%
Volume: 244,514
Aug. 12, 2022 4:59p
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