European Shares Set To Open On Tepid Note

European stocks may tumble at open on Monday, with developments in Ukraine likely to attract investor attention.

Tensions escalated as Western nations unveiled harsher sanctions on Russia, including cutting off a number of Russian banks from the SWIFT interbank messaging network.

As the Russian invasion of Ukraine enters its fifth day, the U.S. could be supporting Ukrainian forces with Javelin missiles and Germany with anti-tank weapons and stinger missiles, media reports say.

Russian President Vladimir Putin put Russia’s nuclear deterrent on high alert, citing aggressive statements by leading NATO countries.

Asian markets traded mixed, with sharp gains on Wall Street Friday offering some support. U.S. stock futures tumbled while oil prices surged around 6 percent as concerns mount over potential disruption to Russian supply.

The dollar was up and gold prices rose more than 1 percent, while the Russian rouble hit a record low. Bitcoin was modestly higher after retreating below $38,000.

U.S. stocks posted strong gains on Friday as the West’s seeming unwillingness to target Russia’s energy sector helped ease worries about a spike in oil and gas prices. Hopes of peace talks between Russia and Ukraine also underpinned sentiment.

The Dow climbed 2.5 percent, the tech-heavy Nasdaq Composite surged 1.6 percent and the S&P 500 added 2.5 percent.

European stocks closed on a buoyant note on Friday as investors monitored the potential for further sanctions against Moscow.

The pan-European Stoxx 600 rallied 3.3 percent, after having reached its lowest point since the start of 2022 in the previous session.

The German DAX jumped 3.7 percent, France’s CAC 40 index spiked 3.6 percent and the U.K.’s FTSE 100 soared 3.9 percent.

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