Shortly before 9:30 a.m. CET, the index eased the initial loss to about 2.8 percent and hovered around 441 points. Previously, losses were more than 3.2 percent. The indicator monitors developments on stock exchanges in 17 European countries, including, for example, Britain and Poland.
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For example, the shares of banks, which are significantly engaged in Russia, are weakening. These include the Austrian Raiffeisen Bank, the Italian UniCredit or the French Société Générale. Losses range from about five to seven percent. All these banks also operate on the Czech market.
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The broader index of banking stocks depreciated by more than four percent, and shares of companies in the tourism or advanced technology sectors are also weakening.
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After Putin’s announcement in the morning, explosions began to erupt in several parts of Ukraine. The Russian ruble weakened sharply and the Moscow Stock Exchange cut off trading. Investors have started to get rid of riskier assets and, on the contrary, are interested in gold, for example.
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There are now growing fears in the markets that the war in Europe will contribute to further inflation growth and undermine the relatively favorable development of the economy, which is just recovering from the coronavirus crisis.
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The DAX index, the main price indicator on the Frankfurt Stock Exchange, lost 3.6 percent to 14,094 points. It is the lowest since last March. Germany is considered in the European Union to have the most active trade relations with Russia. It depends mainly on Russian energy sources.
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The FTSE 100 index, the main indicator of stock price developments on the London Stock Exchange, registered a drop of 2.7 percent to 7,298 points shortly after its launch. The overall decline is mitigated by energy and commodity stocks, which are helped by rising oil and other commodity prices.
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The Prague Stock Exchange also collapsed
The Prague Stock Exchange’s PX Index soon erased some of its losses after a 2.5 percent drop in the market. Around 09:15, it was about 1.3 percent lower than Wednesday’s close of around 1386 points.
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Early in the morning, Russian military forces launched a rocket attack on several Ukrainian cities, and Russian troops landed in southern Ukraine, local officials and the media said. The United States and its allies are preparing sanctions that they say will be the toughest imaginable.
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The sub-index of oil and gas has the smallest losses, which showed a decrease of approximately 1.2 percent. After the announcement of the attack on Ukraine, the price of Brent crude oil climbed above $ 100 per barrel, where it was last in 2014.
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High losses are also indicated by the so-called futures on the US stock indices S&P 500 and Nasdaq 100. The decline ranges from two to 2.6 percent.
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