European stocks slumped on Monday, responding to a ratcheting up on sanctions against Russia as the Russian invasion of Ukraine continued.
The Stoxx Europe 600
fell 1.3% in early trade, as the financial sector reeled from the news the U.S., European Union and the U.K. agreed to block some Russian banks from the SWIFT messaging system.
shares fell 5% as the oil giant said it’s taking a $25 billion charge to exit its 19.75% stake in Rosneft. Renault
the owner of Russian carmaker Avtovaz, dropped 8%.
There were notable defense gainers as Germany said it will set up a special €100 billion fund to upgrade its armed forces. Rheinmetall
shares jumped 44% and BAE Systems
The yield on the 10-year German bund
fell 6 basis points to 0.17%.