LIVE MARKETS-European defence tumbles
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EUROPEAN DEFENCE TUMBLES
European stocks have seen meaningful falls in the first hour of trading, led by defence names, though we're not quite at the panic stations we thought we might have been before the open.
The STOXX 600 is off 0.8%, .STOXX which, if you're a glass-half-full sort of person, isn't that much given the Nasdaq closed down 2% on Thursday and the Asia ex Japan index is down 2.7%. .IXIC, .MIAPJ0000PUS
Defence names have been the biggest fallers .SXPARO down 2.6%, as traders try to get a grip on the situation with the Russia-Ukraine war.
President Volodymyr Zelenskiy said after talks with a top U.S. Army official on Thursday he was ready for "honest" work with Washington on a plan to end the war in Ukraine, while European allies pushed back against punishing concessions to Russia.
There's also a bit of sell-what-you-own going on, and people own a lot of defence, but banks, which everyone also owns a lot of are only down 0.9%, so defence is definitely underperforming. .SX7P
Other big fallers are oil and gas names off 2.4%. .SXEP
Ubisoft UBIP.PA shares have had a volatile return to trading, but are now top of the STOXX 600 and up over 11% having earlier fallen as much as 6%.
The video game group last week postponed its earnings publication at the last minute, but published them earlier on Friday.
(Alun John)
EARLIER ON LIVE MARKETS:
EUROPE BEFORE THE BELL, WE WEREN'T AWAY FOR LONG, WHAT HAPPENED? CLICK HERE
MORNING BID: THREE-ALARM FIRE AS TECH SELLOFF RESUMES, TAKAICHI STIMULUS LANDS CLICK HERE
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