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European shares 1-yr low as Western nations eye Russian oil ban

European shares 1-yr low as Western nations eye Russian oil ban

The pan-European STOXX 600 index tumbled 2.4% in early trade.

The German DAX  dropped 3.7%, with the index having shed more than 20% from the record closing high on Jan. 5 The German DAX  dropped 3.7%, with the index having shed more than 20% from the record closing high on Jan. 5

European stocks hit one-year lows on Monday, with Germany's blue-chip index looking set to confirm a bear market as Western countries mulled a Russian oil import ban, raising the prospects of broader inflationary risks and slowing economic growth.

The pan-European STOXX 600 index  tumbled 2.4% by 0812 GMT. The German DAX dropped 3.7%, with the index having shed more than 20% from the record closing high on Jan. 5, and entering what is known as a bear market territory.

Strong gains in London's mining and energy giants partially offset losses in the FTSE 100, which dropped 1.1%, while France's CAC 40 and Italy's FTSE fell 3.4% and 2.9%, respectively.

Brent crude prices soared near $130 a barrel, its highest since 2008 after U.S. Secretary of State Antony Blinken said the United States and European allies are exploring banning imports of Russian oil. 

European oil and gas stocks jumped 3.4%, while miners gained 3.7% - the only sectors trading in the black.

Leading the losses, retailers, automakers and banks fell between 5% and 4.7%.

Published on: Mar 07, 2022, 3:21 PM IST
Posted by: Mehak Agarwal, Mar 07, 2022, 3:17 PM IST