European Shares Decline Amid Russia's Crisis

European stocks declined on Monday as a short-lived mutiny in Russia by the Wagner paramilitary group revived concerns over nuclear arsenal security.

German business sentiment pointed to the likelihood of a longer recession, further weighing on sentiment.

The headline German IFO Business Climate Index fell to 88.5 in June from 91.5 in May (revised from 91.7) reflecting weakness in the manufacturing sector, according to data from the Ifo Institute. Analysts expected a score of 90.7.

The pan European STOXX 600 was down half a percent at 451.05 after declining 0.3 percent on Friday.

The German DAX, France’s CAC 40 and the U.K.’s FTSE 100 all were down around half a percent.

The euro was seeing sideways movement after two consecutive sessions of declines.

Banks fell broadly, with Commerzbank, Credit Agricole and Lloyds Banking falling 2-3 percent on concerns fueled by the latest political turmoil in Russia.
Automakers Mercedes Benz and Renault gave up 1-2 percent.

Aston Martin jumped 8 percent after the British luxury carmaker said it would enter into an agreement with Lucid Group to manufacture “high performance” electric vehicles.

Associated British Foods fell about 1 percent despite lifting its profit outlook for the 2022/23 year.

Swedish landlord SBB soared 12 percent after saying it had entered discussions to sell the company’s remaining 51 percent of its education unit.

Stock market operator Euronext fell 0.6 percent in Paris after it has entered into a definitive agreement for the sale of its 11.1 percent stake in LCH SA to LCH Group Holdings Limited for an amount of €111 million.

SCOR declined 1.2 percent as it announced the appointment of Fabrice Bregier as the Chairman of its Board of Directors.

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