European stocks sink as global markets rattled over inflation; Stoxx 600 down 2%
LONDON — European stocks fell sharply on Monday, tracking negative sentiment globally as investors continued to mull over persistently high inflation.
The pan-European Stoxx 600The market was down 2% around noon London Time, and basic resources lost 4.2%. All major sectors traded in negative territory.
European markets are now more cautious after European stocks fell at the close of last week’s trading session due to a decline in U.S. market prices. Wall Street posting its worst day since 2020 last Thursday.
U.S. stock futuresPremarket trading saw a sharp drop in prices as traders attempted to regain their feet after an intense week of stateside trading.
Last week, the Nasdaq Composite lost 1.54%, while the S&P 500 and Dow dropped 0.21% and 0.24%, respectively. The Dow lost its sixth consecutive week and it was also the fifth consecutive for other major indexes.
Shares in Asia-Pacific retreated on MondayInvestors waited to see if the market would react positively to Chinese trade data.
Investors also keep an eye out the war in UkraineAs many as 20 people are believed to have been killed when Russian bombing struck a Luhansk school in Eastern Ukraine. Luhansk is the Donbas region, which Russian troops now concentrate their attack.
Russia was also under scrutiny on Monday, as it held its “Victory Day” — a holiday commemorating the Soviet Union’s defeat of Nazi Germany in World War II.
He said: President Vladimir Putin attempted to justify his unprecedented invasionAccording to Reuters, the West claimed that it was “preparing for invasion of our country including Crimea” without providing any evidence.
Jill Biden (the first lady) surprised Ukraine with a surprise visit on Sunday. In light of the nearing three months mark in the Russian war, the U.S. announced and the Group of Seven nations that they would boost short-term financial support for Ukraine.
British advertising agency leads Europe’s individual share price movements. S4 CapitalThe company’s earnings outlook fell more than 13% following an audit issue that delayed the release of full-year results.
— CNBC’s Jesse Pound contributed to this market report.