LONDON — European markets were muted on Friday, with investors tracking negotiations between Russia and Ukraine and digesting a big week of central bank decisions.
The pan-European Stoxx 600 fell 0.7% by late morning, with autos dropping 2.6% to lead losses as most sectors and major bourses slid into negative territory.
Little progress has been made so far in talks between Russian and Ukrainian diplomats after a fourth day of dialogue.
As Russian forces continue to bombard Ukrainian cities. Commodity prices rallied once again as fears of tighter sanctions and persistent supply problems re-emerged.
U.S. President Joe Biden is set to speak with Chinese President Xi Jinping on Friday.
With the two leaders to discuss topics such as Russia’s war against Ukraine and competition between the two countries, according to the White House.
Shares in Asia-Pacific were mixed on Friday, with Hong Kong’s Hang Seng index continuing to exhibit wild volatility amid a rollercoaster week.
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The Bank of Japan on Friday held its monetary policy steady in a largely expected decision, warning of “extremely high uncertainties” in light of the situation in Ukraine and its impact on prices.
The decision came after the U.S. Federal Reserve on Wednesday approved its first interest rate hike in more than three years and the Bank of England on Thursday hiked rates for the third consecutive meeting.
Stateside, U.S. stock futures slipped in early premarket trading on Friday after a three-day rally for the S&P 500 set the equity benchmark on course of its largest weekly gain since November 2020.
Earnings before the bell on Friday came from Porsche and JD Wetherspoon.
While the Russian central bank is set to announce its latest interest rate decision, as it attempts to steer the country’s economy through a historic barrage of international sanctions.
In terms of individual share price movement, Swiss logistics company Interroll and biotech Bachem Holding both fell more than 8% to the bottom of the Stoxx 600 after their full-year earnings reports.
At the top of the European blue chip index, German arms manufacturer Rheinmetall gained 4.5% after UBS, Deutsche Bank and HSBC all raised their target prices for the stock. - CNBC
