The pan-European STOXX Europe 600 index initially lost about 2.1 percent before easing losses, and depreciated 1.6 percent around 10:00 CET. The DAX index, which is the main indicator of stock price developments on the Frankfurt Stock Exchange, even lost 2.3 percent.
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However, the Prague Stock Exchange collapsed even more significantly. The PX Index lost 2.9 percent, with banks weakening the most. Raiffeisen Bank, whose shares fell by 18.5 percent, experienced a massive drop. Erste wrote off over ten percent, Komerční banka around five percent. On the contrary, the value of Česká zbrojovka increased by 8.5 percent.
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The declines also affect the US stock market. The main S&P 500 index fell by two percent at 10:00 CET, the Nasdaq 100 technology index recorded a loss two tenths of a percent lower. The third major Dow Jones index was at the same time minus 1.5 percent.
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Oil again over $ 100 a barrel
On the contrary, the price of oil shot up sharply. North Sea Brent returned over $ 100 a barrel. Specifically, around 9:30 a.m. CET, it added about 4.2 percent to $ 102.50 a barrel. The US light oil WTI gained 4.6 percent and traded at about $ 95.80 per barrel.
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The European Union and some other states agreed over severe sanctions against Russia over the weekend for its invasion of Ukraine. The most serious ones concern the disconnection of most Russian banks from the global payment system SWIFT, which prevents banks from conducting transactions with foreign countries.
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