United States

European Markets Close Lower as Investors Monitor Russia-Ukraine War; U.S. Bans Russian Oil

Maxim Guchek | Reuters
  • The pan-European Stoxx 600 finished down by 0.36% after fluctuating for much of the day. Banks jumped 2% while media stocks fell 3.6%.
  • President Joe Biden on Tuesday announced that the U.S. will ban imports of Russian oil, a major escalation in the international response to Moscow's invasion of Ukraine.

LONDON — European markets closed lower Tuesday as investors continued to monitor the war in Ukraine and Western responses.

The pan-European Stoxx 600 finished down by 0.36% after fluctuating for much of the day. Banks jumped 2% while media stocks fell 3.6%.

In terms of individual share price movement, office rental firm IWG also jumped more than 8% after reporting a smaller annual loss as many tenants returned to offices after they were shuttered by the pandemic.

At the bottom of the European blue chip index, British bakery chain Greggs fell more than 3% after warning that cost pressures are likely to weigh on its 2022 earnings.

Peace talks between Russia and Ukraine in Belarus have made little progress in abating the escalating war. Meanwhile, President Joe Biden on Tuesday announced that the U.S. will ban imports of Russian oil, a major escalation in the international response to Moscow's invasion of Ukraine.

Ukraine's defense intelligence agency claimed on Monday night to have killed a second Russian general near Kharkiv, where intense fighting has unfolded in recent days.

On Wall Street, the S&P 500 moved lower on Tuesday following the benchmark's worst day since October 2020, as investors remained on edge about surging commodity prices and slowing economic growth stemming from Russia's invasion of Ukraine.

Subscribe to CNBC PRO for exclusive insights and analysis, and live business day programming from around the world.

Copyright CNBCs - CNBC
Contact Us