Europe open: Shares rebound from sell-off as Russians approach Kyiv
European shares rebounded strongly on Friday after a late Wall Street rally overnight and despite the unprovoked Russian invasion of Ukraine.
The pan-regional Stoxx was up more than 1% in early deals. US stocks swung sharply to a strong finish on Thursday as President Joe Biden unveiled new sanctions against Russia.
However, US stocks futures were down 1% as Russian forces started to approach the Ukrainian capital of Kyiv.
Russia on Thursday launched an attack on Ukraine via land, air and sea, hitting financial markets. Ukraine’s Foreign Minister Dmytro Kuleba said the capital of Kyiv was hit with “horrific” Russian rocket strikes early Friday morning, with several reports of explosions being heard around the city.
In equity news, shares in UK educational publisher Pearson gained as the company reported higher profits and issued a strong outlook.
Anglo-Russian precious metals miner Polymetal surged more than 10% after heavy losses on Thursday.
Automakers were also in favour, with Porsche and Volkswagen ahead as they issued details of a possible Porsche listing.
Swiss Re fell as the reinsurance company swung to a smaller-than-expected full-year profit in 2021.