Frankfurt, Mar. 9, (dpa-AFX/GNA) – European stocks settled roughly flat on Tuesday after swinging between gains and losses almost right through the session.
Stocks moved higher earlier in the day as bond yields turned positive and the euro surged up after reports that the European Union is mulling a joint bond sale to fund energy and defence spending.
According to reports, the European Union will unveil a plan this week to jointly issue bonds on a potentially massive scale to finance energy and defence spending.
However, worries about inflation amid the continued surge in crude oil prices and the economic impact of the sanctions on Russia weighed on the markets.
The pan European Stoxx 600 drifted down 0.49%. The U.K.’s FTSE 100 edged up 0.07%, Germany’s DAX edged down 0.02% and France’s CAC 40 ended 0.32% down, while Switzerland’s SMI declined 1.32%.
Among other markets in Europe, Belgium, Denmark, Greece, Iceland, Ireland, Netherlands, Poland and Sweden ended weakly.
Austria, Czech Republic, Finland, Norway, Portugal, Spain and Turkey closed higher.
In the UK market, M&G shares soared more than 15% as the investment manager announced a £500mln share buyback program.
Fresnillo gained nearly 9.5%. ITV gained 7.8%. BP advanced 5.1% and IAG rallied 4.3%, while Phoenix Group Holdings, Rolls-Royce Holdings, Aviva, WPP, Shell, Standard Chartered, ICP, Royal Mail, Natwest Group and Legal & General gained 2.3 to 4%.
IWG jumped about 9%. After posting improved annual results, the flexible workspace provider announced the merger of its digital assets with The Instant Group.
British Land shares moved higher after the real estate investment trust announced a new joint venture with Melbourne-based pension fund AustralianSuper.