Europe open: Shares edge ahead as Russia expands shelling of Ukraine
European shares edged ahead at the opening on Friday as Russia started shelling cities in western Ukraine.
The pan-European Stoxx 600 index was up 0.07% on the back of a positive close on Wall Street and generally strong trade in Asia where only Hong Kong’s Hang Seng was lower.
The spread of Russia’s invasion of Ukraine and increasing sanctions on Moscow and its supporters helped drive a rise in oil prices as investors feared supply disruption. Brent crude traded at around $108 a barrel.
Traders were also eyeing a phone call between US President Joe Biden and China Premier Xi Jinping later Friday with media reports stating Washington would warn Xi that Beijing will pay a price if it supports Russia.
“With the corporate world having built up a solid fortress to isolate Russia from the global economy, the US clearly wants to ensure Russia can’t find an escape route to avoid the effectiveness of sanctions,” said Hargreaves Lansdown analyst Susannah Streeter.
In equity news, Vodafone rose after a report that global infrastructure funds have approached the telecom giant to invest in its $16bn mast company Vantage Towers.