Business Irish

Friday 23 February 2018

Markets fall in line with Russian sanctions

European, UK and Irish stocks fell as more sanctions were imposed on Russia for the Kremlin's involvement in the insurgency in eastern Ukraine.

The Stoxx Europe 600 Index retreated 0.4 pc to 340.95 in London yesterday afternoon, as the Irish Stock Exchange dropped by less than 1pc to 4714.64, down 35.35 points. The FTSE 100 Index dropped 30.33 points, or 0.5pc, to 6,777.42.

"We have seen a mixed bag of corporate earnings," said Alessandro Fezzi, a senior market analyst at LGT Bank Schweiz in Zurich.

"European and Swiss companies have to deal with negative currency effects. Tightened sanctions against Russia are hurting sentiment. Russia has already warned of consequences. I see this conflict not ending very soon, so it will probably cast a shadow on market sentiment for a while."

In the US stocks fluctuated after a rally sparked by better-than-forecast economic growth faded before a Federal Reserve decision on monetary policy.

The S&P's 500 Index rose 0.1pc to 1,972 in New York, with the Dow Jones down 12.64 points, or 0.1pcent, to 16,899.47.

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