Zürcher Nachrichten - European equities slide, as oil drops off peaks

EUR -
AED 3.944584
AFN 75.175441
ALL 100.348033
AMD 417.470449
ANG 1.935828
AOA 918.746489
ARS 972.66245
AUD 1.613727
AWG 1.933083
AZN 1.86856
BAM 1.959943
BBD 2.168704
BDT 126.207951
BGN 1.955739
BHD 0.404757
BIF 3094.543873
BMD 1.073935
BND 1.454159
BOB 7.421826
BRL 5.839036
BSD 1.07408
BTN 89.576313
BWP 14.545016
BYN 3.51435
BYR 21049.127159
BZD 2.165117
CAD 1.47317
CDF 3049.975228
CHF 0.949789
CLF 0.036408
CLP 1004.612787
CNY 7.790431
CNH 7.8087
COP 4456.304267
CRC 564.398267
CUC 1.073935
CUP 28.459279
CVE 110.668663
CZK 24.825092
DJF 190.859248
DKK 7.459772
DOP 63.578893
DZD 144.531248
EGP 51.238301
ERN 16.109026
ETB 61.504336
FJD 2.425966
FKP 0.842612
GBP 0.845241
GEL 3.049991
GGP 0.842612
GHS 16.218196
GIP 0.842612
GMD 72.75942
GNF 9235.841604
GTQ 8.334773
GYD 224.628999
HKD 8.384099
HNL 26.966354
HRK 7.537347
HTG 142.322163
HUF 394.542295
IDR 17586.867922
ILS 3.991768
IMP 0.842612
INR 89.534341
IQD 1406.854927
IRR 45199.242118
ISK 149.319989
JEP 0.842612
JMD 166.932859
JOD 0.761313
JPY 169.535688
KES 138.537401
KGS 94.078427
KHR 4417.040715
KMF 492.77519
KPW 966.541694
KRW 1481.654462
KWD 0.329354
KYD 0.895117
KZT 493.913221
LAK 23567.504899
LBP 96224.581202
LKR 327.602479
LRD 208.568153
LSL 19.502827
LTL 3.171051
LVL 0.649612
LYD 5.208348
MAD 10.736663
MDL 19.183908
MGA 4807.470924
MKD 61.650021
MMK 3488.09918
MNT 3705.076059
MOP 8.637599
MRU 42.399093
MUR 50.120714
MVR 16.533207
MWK 1862.740049
MXN 19.772539
MYR 5.06307
MZN 68.404336
NAD 19.50278
NGN 1600.698026
NIO 39.547671
NOK 11.364058
NPR 143.30858
NZD 1.74835
OMR 0.413411
PAB 1.07409
PEN 4.073974
PGK 4.18523
PHP 63.044817
PKR 299.091096
PLN 4.337336
PYG 8078.075249
QAR 3.909662
RON 4.975218
RSD 117.052472
RUB 91.689624
RWF 1406.31796
SAR 4.029331
SBD 9.09831
SCR 16.144504
SDG 645.434826
SEK 11.216396
SGD 1.450991
SHP 1.356863
SLE 24.536519
SLL 22519.883282
SOS 613.217196
SRD 33.54012
STD 22228.287458
SVC 9.398955
SYP 2698.294512
SZL 19.502761
THB 39.37062
TJS 11.493108
TMT 3.758773
TND 3.362537
TOP 2.536044
TRY 34.925705
TTD 7.296559
TWD 34.741583
TZS 2808.340159
UAH 43.592551
UGX 3993.441244
USD 1.073935
UYU 42.189572
UZS 13601.38764
VEF 3890386.170331
VES 39.035726
VND 27334.332093
VUV 127.499692
WST 3.007679
XAF 657.358752
XAG 0.036355
XAU 0.000461
XCD 2.902363
XDR 0.815159
XOF 656.013128
XPF 119.331742
YER 268.859847
ZAR 19.374435
ZMK 9666.705679
ZMW 27.739151
ZWL 345.806651
  • CMSD

    0.0000

    24.3

    0%

  • CMSC

    0.1260

    24.556

    +0.51%

  • SCS

    0.0900

    12.59

    +0.71%

  • RBGPF

    0.0000

    56.5

    0%

  • NGG

    0.7000

    56.5

    +1.24%

  • RIO

    0.2700

    66.26

    +0.41%

  • GSK

    0.2900

    40.95

    +0.71%

  • AZN

    -0.8900

    78.42

    -1.13%

  • BTI

    0.1800

    31.12

    +0.58%

  • BP

    0.2800

    35.39

    +0.79%

  • RYCEF

    0.1400

    5.97

    +2.35%

  • BCE

    -0.1400

    32.5

    -0.43%

  • BCC

    -0.5600

    126.29

    -0.44%

  • RELX

    0.1000

    45.58

    +0.22%

  • VOD

    0.0500

    8.91

    +0.56%

  • JRI

    -0.2000

    11.85

    -1.69%

European equities slide, as oil drops off peaks
European equities slide, as oil drops off peaks

European equities slide, as oil drops off peaks

European stocks lost early gains while oil fell back Thursday after briefly flirting with $120 per barrel while natural gas touched another record peak as war raged on in Ukraine.

Text size:

The euro sank to the lowest level against the pound since mid-2016, as the start of a second week in fighting triggered concerns over the eurozone's economic recovery from the coronavirus pandemic.

In commodities trading, Brent North Sea crude reached $119.84 per barrel, the highest level since early 2012, while WTI touched $116.57, last seen in 2008 -- but both gave up ground mid-session as their rally faded.

Europe's reference Dutch TTF gas price earlier surged to a record 199.99 euros per megawatt hour, before heading back under 170 euros in mid-afternoon trade.

Russia is a major oil and gas producer.

"Stock markets are back in the red again on Thursday, as we await further talks between delegations from Ukraine and Russia," said OANDA analyst Craig Erlam.

"Any rebounds we're seeing in risk appetite appear more driven by hope than reality and as we're seeing today, they're not lasting," added Erlam. With more sanctions on Russia in the offing, "I struggle to see market sentiment dramatically improving for the foreseeable future."

ActivTrades senior analyst Ricardo Evangelista noted supply side pressures could "soon extend to gas and oil exports and exacerbate the tightness felt in global markets."

Surging oil prices are playing a major role in sending global inflation to the highest levels in decades, forcing central banks to hike interest rates but the added fear of where the conflict in Ukraine is headed is futher battering sentiment.

Amid the volatility, "the focus remains firmly fixated on the situation in Ukraine and nothing else matters, it seems, for the markets," said Fawad Razaqzada, market analyst with ThinkMarkets.

Federal Reserve chief Jerome Powell on Wednesday said he was in favour of a moderate pace of rate increases, with a 25-basis-point lift this month as "near-term effects on the US economy of the invasion of Ukraine, the ongoing war, the sanctions, and of events to come, remain highly uncertain".

The comments soothed concerns that officials could announce an aggressive 50-basis-point lift.

The issue of Fed tightening has cast a pall over stock markets for months, bringing a near two-year rally to an abrupt end, with Ukraine compounding matters.

Analysts warned of market volatility for some time as fighting in Ukraine sent other commodities produced by Russia, including aluminium, to record highs.

Bloomberg's gauge of raw materials is closing in on the biggest weekly gain since at least 1960, the financial data provider said Thursday.

Widespread international sanctions against Russia threaten to put its economy on its knees, while Moody's and Fitch have slashed the country's credit rating to junk.

It comes as Russian companies are removed from international stock markets.

Elsewhere, the European single currency on Thursday slid at one point to 82.76 pence per euro, the lowest level since Britain voted in favour of Brexit.

The eurozone remains vulnerable to energy markets volatility because of its dependency on Russian oil and gas supplies.

- Key figures around 1650 GMT -

Brent North Sea crude: DOWN 0.5 percent at $112.42 per barrel

West Texas Intermediate: DOWN 0.8 percent at $109.76 per barrel

New York - Dow: DOWN 0.6 percent at 33,685.02 points

London - FTSE 100: DOWN 2.6 percent at 7,238.85 (close)

Frankfurt - DAX: DOWN 2.2 percent at 13,698.40 (close)

Paris - CAC 40: DOWN 1.8 percent at 6,378.37 (close)

EURO STOXX 50: DOWN 1.8 percent at 3,739.53

Tokyo - Nikkei 225: UP 0.7 percent at 26,577.27 (close)

Hong Kong - Hang Seng Index: UP 0.6 percent at 22,467.34 (close)

Shanghai - Composite: DOWN 0.1 percent at 3,481.11 (close)

Euro/dollar: DOWN at $1.1046 from $1.1126 late Wednesday

Pound/dollar: DOWN at $1.3337 from $1.3405

Euro/pound: DOWN at 82.82 pence from 82.95 pence

Dollar/yen: UP at 115.60 yen from 115.51 yen

burs-bcp/rfj/cdw/lc

N.Fischer--NZN