La Jornada – European stock markets fall again; oil shoots up to 107 dollars

London. European stock markets fell sharply again on Tuesday and oil prices soared due to concerns about the state of the world economy after the Russian invasion of Ukraine and the sanctions imposed on Moscow.

The Frankfurt DAX index lost 3.85 percent, the Paris Cac 40 3.94 and the London FSE 100 1.72 percent.

The FTSE MIB of Milan yielded 4.14 percent and the Ibex 35 of Madrid 3.94.

“European stock indices remain under negative pressure from the war,” commented SwissQuote analyst Ipek Ozkardeskaya.

On Monday, European markets also ended in the red: Paris and Milan lost 1.39 percent; Frankfurt, 0.73; London, 0.42. In Madrid, the decline was slighter, 0.09 percent.

In New York, in the middle of the day the Dow Jones index lost 2.02 this Tuesday and the Nasdaq technology 1.32 percent.

The price of a barrel of US WTI soared more than 10 percent and Brent, the reference oil in Europe, gained more than 9.

Following the start of the Russian invasion of Ukraine and Western sanctions against Moscow, both indices reached record levels since 2014, with a value of 106.29 dollars a barrel of WTI and 107.44 dollars this Tuesday.

“The business world builds a fortress to isolate Russia from the international community,” said Susannah Streeter, an analyst at Hargreaves Lansdown.

And companies around the world are responding “by freezing transactions with Moscow and abandoning their financial investments worth billions,” he added.

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