(MENAFN– ecpulse)
European stocks slumped with the start of the week, heading to the Southside for the third day as geopolitical tension between Russia and Ukraine dented the risk sentiment.
The slump in Russian stocks has still weighed over the board, and especially in Europe, as Western governments raised the bar of sanctions against Russia.
On Thursday, a Malaysia Airlines jet crashed near the Russia-Ukraine border, killing 298 people on board. The deadly crash came amid escalating violence between Ukrainian and separatist forces, and raised questions over Russia`s role in the conflict.
Russian stocks extended drop early Monday, with the RTS index dropping 1.74% to 1,254.77 as of 05:18 a.m. ET.
In the Middle East, the conflict between Israel and Hamas has been escalating, while diplomatic efforts to end the two-week intensified after battles killed dozens of Palestinians and more than 10 Israeli soldiers in the conflict`s deadliest day.
The armed wing of the Palestinian Hamas group claimed on Sunday night that it had kidnapped an Israeli soldier, prompting celebrations on the streets of Gaza City.
A spokeswoman for the Israeli military said they were aware of the claim and were investigating.
The Stoxx 600 index was down 0.46% at 388.10 as of 04:58 a.m. ET. The pan-European benchmark is still ready to extend its second monthly decline.
On the corporate front, investors continue to eye the upcoming corporate results for the second quarter, including US earnings from Facebook and Netflix.
Tesco Plc was among the equity movers this morning, with shares rising 2.32% to 291.65 pence after the UK biggest retailer said its chief executive Phillip Clarke would quit after a profit warning was issued.
Julius Baer Group Ltd rose 5.91% to 38.71 Swiss francs, as Switzerland`s private banking group said first-half profit rose 56% and announced an agreement to buy European operations from Bank Leumi le-Israel BM.
As of 05:17 a.m. ET:
- Britain`s FTSE 100 fell 0.29% to 6,729.98
- France`s CAC 40 fell 0.42% to 4,317.03
- Germany`s DAX 30 fell 0.65% to 9,656.71
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