By Sruthi Shankar and Shashank Nayar
(Reuters) – European shares tumbled to nine-month lows on Thursday as banks and automakers took the brunt of the sell-off after Russia invaded Ukraine.
The pan-European STOXX 600 index closed down 3.28% to 438.96 points, its lowest level since May 2021. January.
Investors around the world turned to the relative safety of gold and government bonds and liquidated shares after Russian forces invaded Ukraine on Thursday in a mass attack by land, sea and air, in the biggest attack by a state against another in Europe since the Second World War.
The European banks most exposed to Russia, which include Austria’s Raiffeisen Bank, UniCredit and Société Générale, slumped between 12.2% and 23%, while the broader banking index slipped 8.2%, its worst day since the sparked sell-off. by the March 2020 pandemic.
“The war, sanctions and the likelihood of significant retaliation by Russia are likely to deliver a significant global recessionary shock,” analysts at the Eurasia Group said.
“While the direct costs of the war are centered on Ukraine and Russia, sanctions on Russian banks and trade are likely to cause significant disruptions to global trade and financial relations with far-reaching effects.”
In LONDON, the Financial Times index fell 3.88%, to 7,207.01 points.
In FRANKFURT, the DAX index fell 3.96% to 14,052.10 points.
In PARIS, the CAC-40 index lost 3.83%, to 6,521.05 points.
In MILAN, the Ftse/Mib index had a devaluation of 4.15%, to 24,877.51 points.
In MADRID, the Ibex-35 index registered a drop of 2.86%, at 8,198.50 points.
In LISBON, the PSI20 index devalued 1.52%, to 5,348.28 points.
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