European Stocks Erase Gains Amid Renewed Ukraine War Concerns
European stocks erased all gains after the news that Ukraine’s armed forces fired British cruise missiles at military targets inside Russia for the first time, stoking fears of an escalation of the conflict.
The Stoxx Europe 600 Index was little changed at the close in London after rising as much as 0.7% earlier in the day. Markets also are waiting to see if earnings from Nvidia Corp., due after the US close, will sustain the rally in tech shares and the frenzy around artificial intelligence. Miners and health care rose the most, while carmakers and real estate trailed.
Among individual stocks, shares of Sage Group Plc rallied as much as 22% after strong earnings and a share buyback announcement. French lottery operator La Francaise des Jeux SA lost as much as 6.9% after a share placement.
“The market morphed into risk off, looking for safe havens like the dollar,” said Andrea Tueni head of sales trading at Saxo Banque France.
Source : Bloomberg