European stocks slump as Russian market closed for second day

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

Add to watchlist XX:SXXP

STOXX Europe 600 Index

XX : STOXX

440.87

+0.71 +0.16%

Volume: 0.00

Aug. 12, 2022 11:03p

/zigman2/quotes/200919924/delayed

Add to watchlist FR:RNO

Renault S.A.

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

/zigman2/quotes/207286669/delayed

Add to watchlist XE:CBK

Commerzbank AG

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

/zigman2/quotes/205429530/delayed

Add to watchlist IE:RYA

Ryanair Holdings PLC

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

/zigman2/quotes/210597999/delayed

Add to watchlist DX:DAX

DAX

DX : Xetra Indices

13,795.85

+101.34 +0.74%

Volume: 58,498

Aug. 12, 2022 6:30p

/zigman2/quotes/210597958/delayed

Add to watchlist FR:PX1

CAC 40 Index

FR : France: Euronext Paris

6,553.86

+9.19 +0.14%

Volume: 59,403

Aug. 12, 2022 6:05p

/zigman2/quotes/210598409/delayed

Add to watchlist UK:UKX

FTSE 100 Index

UK : FTSE UK

7,500.89

+34.98 +0.47%

Volume: 485,098

Aug. 12, 2022 4:52p

/zigman2/quotes/211347112/realtime

Add to watchlist BX:TMBMKDE-10Y

Germany 10 Year Government Bond

BX : Tullett Prebon

0.99

+0.02 +1.65%

Volume: 0.00

Aug. 12, 2022 6:01p

/zigman2/quotes/211347177/realtime

Add to watchlist BX:TMBMKGB-10Y

U.K. 10 Year Gilt

BX : Tullett Prebon

2.11

+0.05 +2.65%

Volume: 0.00

Aug. 12, 2022 5:00p

/zigman2/quotes/206400421/delayed

Add to watchlist XE:RHM

Rheinmetall AG

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

/zigman2/quotes/206629262/delayed

Add to watchlist FR:HO

Thales S.A.

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

/zigman2/quotes/206753913/delayed

Add to watchlist UK:BA

BAE Systems PLC

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

/zigman2/quotes/210393113/delayed

Add to watchlist NO:AKRBP

Aker BP ASA

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

/zigman2/quotes/203290881/delayed

Add to watchlist NO:EQNR

Equinor ASA

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

/zigman2/quotes/211629951/delayed

Add to watchlist CL.1

Crude Oil WTI (NYM $/bbl) Front Month

US : U.S.: Nymex

$ 91.88

-2.46 -2.61%

Volume: 244,514

Aug. 12, 2022 4:59p