This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

The Deal: European Stocks Fall Amid Ukraine Crisis

LONDON (The Deal) -- European and Asian bourses took cover as the fallout from Russia's invasion of the Crimea hit confidence and sparked fears of what British Foreign Secretary William Hague Monday described as "the biggest crisis in Europe in the 21st century."

Frankfurt took the situation particularly badly, falling over 2.6% at the open and only clawing back a small part of that loss in morning trades. But other European and Asian markets also saw sharp falls. However, Chinese indices, seemingly semi-detached from world affairs and even their own internal unrest -- including terrorist attacks by alleged Uighur separatists -- actually rose on Monday.

The Russian markets were clearly in focus too, with Moscow's Micex Composite down 8.74% by the end of the morning, as the prospect of Western sanctions hit home, the ruble tumbled against the dollar and the euro and the Central Bank raised its benchmark interest rate by 1.5 percentage points  to 7%. And Russian stocks traded in London, from retailers such as OJSC Magnit, which was down nearly 10%, to steelmaker Magnitogorsk Iron and Steel Works, which was down 14%, took big hits.

But the South African gold miner Randgold Resources was the biggest riser in London, up 4.36% at 4,954 pence, as gold prices tend to strengthen in times of crisis.

Meanwhile, Western European stocks with exposure to Ukraine and Russia also bore the scars. Danish Brewer Carlsberg was down 4.5% in Copenhagen, and Austrian bank Raiffeisen was down over 7%.

The economic news wasn't all bad.  British manufacturing  confidence continued to rise, with the Markit indicator jumping from 56.6 in January to 56.9 in February, and even in the eurozone manufacturing jobs held up well. Markit's Spanish manufacturing sector confidence also improved, indicating a better jobs outlook for the second month in a row. But nothing could improve the overall mood as developments in the Ukraine continued to top the news.

Frankfurt's DAX was down 2.5% at 9449, in Paris, the CAC40 was down 1.98% at 4,321, and in London, the FTSE 100 was down 1.3% at 6,721.

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,853.13 -189.77 -1.11%
S&P 500 1,956.56 -15.73 -0.80%
NASDAQ 4,443.5910 -49.7990 -1.11%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs