European Shares Slide As War In Ukraine Continues

European stocks were broadly lower on Wednesday after Russian President Vladimir Putin vowed to continue the invasion of Ukraine until “full completion” of goals.

He said that peace talks were “at a dead end,” and Russia’s military operation was going as planned.

The U.S. aims to send more weapons to Ukraine, in a sign the war is expected to drag on.

The pan European Stoxx 600 was down 0.3 percent at 455.52 after declining 0.4 percent on Tuesday.

The German DAX dipped 0.6 percent and France’s CAC 40 index slid 0.2 percent while the U.K.’s FTSE 100 was marginally higher.

Britain’s biggest retailer Tesco slumped 5.2 percent after a warning that its profit will get squeezed this financial year due to the tough economic conditions and pressure on consumers alike.

Peers JD Sports, Sainsbury’s and Marks and Spencer all fell around 3 percent while Ocado Group plunged nearly 6 percent.

LVMH fell more than 1 percent, giving up earlier gains. The luxury goods maker said fashion sales grew by 30 percent in the first quarter, despite a rocky start in the Chinese market.

Deutsche Telekom shares were up nearly 1 percent on a Bloomberg report that the German telecommunications company paid $2.4 billion to SoftBank Group Corp. to increase its stake in T-Mobile US Inc.

In economic releases, U.K. consumer price inflation advanced to 7.0 percent in March from 6.2 percent in February, the Office for National Statistics said. The rate was forecast to climb to 6.7 percent.

This was the highest annual inflation in the National Statistics series, which began in January 1997. It was also the highest rate in the historic modeled series since March 1992, when it stood at 7.1 percent.

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