European Shares Rebound From Recent Selloff

Business

European stocks have bounced back on Wednesday after suffering heavy losses over the past four sessions on worries around the Russia-Ukraine crisis.

Sentiment was helped after analysts said the U.S. and U.K. ban on Russian oil imports will be far less disruptive to global markets than a full international embargo.

In addition, Ukraine President Volodymyr Zelensky said he is no longer pressing for NATO membership for Ukraine, a delicate issue that was one of Russia’s stated reasons for invading its pro-Western neighbor.

The pan European Stoxx 600 was up 3.3 percent at 428.57 after declining half a percent on Tuesday. The German DAX surged nearly 5 percent, France’s CAC 40 index climbed 4.6 percent and the U.K.’s FTSE 100 was up 1.9 percent.

Banks topped the gainers list, with Commerzbank, Deutsch Bank, BNP Paribas and UniCredit climbing 6-9 percent after recent string of heavy loses.

British insurer Prudential jumped 6 percent after it posted a 16 percent rise in operating profit last year, helped by strong new insurance sales.

Phoenix Group Holdings rallied 3 percent. The company said it was talking to its asset management partners to understand how they are managing their Russia and Ukraine risks.

Consumer goods giant Unilever added 1.5 percent after suspending imports and exports out of Russia.

Polymetal International shares soared 42 percent. The precious metals miner said it continued to be unaffected by ongoing sanctions in Russia.

Oil & gas explorer Tullow Oil fell more than 8 percent after it refrained from upgrading cashflow expectations.

Apple suppliers such as ASML, ams and Infineon surged 6-7 percent after Apple Inc announced a new version of its low-cost iPhone SE that includes 5G connectivity, a new iPad Air and a faster chip for its desktop Mac computers.

French software major Dassault Systèmes SA advanced 3.3 percent. The company said it has decided to suspend all new business in Russia and Belarus, following ongoing Russian invasion in Ukraine.

Similarly, Alstom SA , a rolling stock maker, soared 9 percent after saying it has decided to suspend all deliveries to Russia, and suspend all future investments in the country.

Adidas gained 9.3 percent after the German sportswear firm forecast strong growth for the year.

Logistics company Deutsche Post jumped 7.4 percent after reporting a 65 percent increase in 2021 operating profit.

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