European stocks opened lower after Russia launched a new offensive in Ukraine while the World Bank cut its forecast for global growth, citing the inflationary effects of the war.
The Stoxx 600 stock index fell 0.7% in early trading on Tuesday, while London’s FTSE 100 edged down 0.1% and Germany’s Xetra Dax 0.5%. In Asia, Hong Kong’s Hang Seng stock index fell 2.2% on concerns over global growth combined with a move by Chinese authorities to tighten regulations on the lucrative live streaming industry. country.
Ukrainian President Volodymyr Zelensky said on Monday, as major European markets were closed for the Easter holiday, that Russia had concentrated a “significant part” of its forces in the eastern border region of Donbass. The World Bank has lowered its forecast for global economic growth from 4.1% to 3.2% and predicts a contraction in Europe, which is vulnerable to sanctions against Russia and supply chain disruptions driving prices higher. energy and food.
The price of gold, which hit a one-month high on Monday as concerns over economic growth prompted investors to buy the safe-haven asset, edged down 0.2% in early European trading at $1,974 per troy ounce.
Brent crude oil fell 0.3% to $112.8 a barrel, after rallying in the past four days.
Chinese tech stocks fell on Tuesday as markets reopened after news that Beijing had tightened regulations on the country’s live-streaming industry.
The Hang Seng Tech index, which tracks Hong Kong-listed technology groups, fell 3.5%, with notable losses for video platforms Bilibili, which lost up to 11%, and Kuaishou, which fell by 5.5%.
Investors were expecting a week of corporate earnings on Tuesday looking for clues about how the business world was grappling with inflation and an uncertain growth outlook. Streaming group Netflix will release quarterly figures later on Tuesday, with analysts watching to see if the trend of UK households canceling subscriptions to cope with rising costs of living is being replicated elsewhere.
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