Europe open: Shares lower after Russia attacks Kyiv
European stocks opened lower on Monday after attacks on the Ukrainian capital of Kyiv and other cities by Russia, sparking worries that the war there would now escalate as Moscow’s campaign continued to falter.
The pan-regional Stoxx 600 was down 0.47% in early deals, with all major bourses lower. US stock index futures were down by around 0.2 – 0.5%. Asian markets were also weak, although holidays in Japan and South Korea meant volumes were thin.
Chinese tech stocks were hit by US export control measures aimed at slowing Beijing's technological advances. Markets were also hit by weak data from China, where services activity contracted for the first time in four months.
In the UK, the Bank of England said it was on standby to double its daily government bonds purchases ahead of the final day of its emergency intervention programme on Friday.
The central bank originally said it would buy up to £5bn of long-dated gilts daily after finance minister Kwasi Kwarteng’s poorly-received package of unfunded tax cuts last month spooked investors, caused market turmoil and placed some of Britain’s major pension funds at risk.
In equity news, DS Smith shares surged as the packaging maker released an upbeat earnings update. The news also boosted sector rivals Smurfit Kappa and Mondi.
Student accommodation provider Unite was also up after saying earnings would be at the top end of expectations.
Shares in low-cost East-Europe focused airline Wizz Air fell on news of the attacks on Kyiv as did those of rivals easyJet and Lufthansa.
Reporting by Frank Prenesti for Sharecast.com