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European shares fall due to Russian oil boycott

European stock markets closed lower, in a highly volatile session, and the Madrid, London and Milan indices were the only exceptions to the declines among the major markets of the Old Continent.

Investors fear an economic slowdown with the Russian energy ban, so today’s selling continued in most of Europe.

The United States announced a ban, as of today, on the import of oil and gas products from Russia. Meanwhile, the UK is considering doing the same, but only for Russian oil, and leaving gas aside.

The Stoxx Europe 600 finished the day 0.5% lower at 415.06 points, remaining at 12-month lows and very close to a “bear market” – you enter a “bear market” when a security, index or other asset falls at least 20% from the high Previous.

After the Russian invasion of Ukraine and economic sanctions already imposed on Moscow, investors now fear that higher energy prices will stagnate economic growth at a time when inflation continues to rise, risking stagflation in Europe.

In London, North Sea Brent, the standard for European imports, continues to trade at around $132 a barrel, having already risen 8.07% to $133.15 – values ​​they haven’t seen each other in 14 years. .

On the other hand, both the German DAX and the Euro Stoxx 500 index continued this Tuesday in the “bear market” – the area they entered yesterday – but little changed.

The French CAC-40 Index is down 0.3% and in Amsterdam the AEX Index is down by 1.8%.

On the other hand, Italy’s FTSEMIB rose 0.8%, Britain’s FTSE 100 rose 0.1%, and Spain’s IBEX 35 rose 1.8%.

By sectors, and on the earnings side, energy companies, banks and listed retail companies were the most distinguished, while technology and media stocks were among the biggest decliners.