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The pan-European STOXX 600 inched 0.4% lower, set to extend its sell-off for a fourth straight day, and hovered near six-week lows.
Gazprom halted gas supplies to Bulgaria and Poland for failing to pay for gas in roubles in the Kremlin’s toughest response so far to crippling sanctions from the West over the Ukraine conflict.
Miners extended gains for a second straight day after a recent sell-off, while defensive sectors such as utilities and food and beverage stocks were the biggest decliners.
Deutsche Bank (ETR:DBKGn) fell 5% after warning that the Russia-Ukraine conflict could hurt full-year results, even as it posted a better-than-expected 17% jump in first-quarter profit.
Lloyds Banking Group (LON:LLOY) gained 1.2% on a quarterly profit beat as Britain’s largest mortgage lender largely shrugged off the country’s worsening cost of living crisis.
Nordic telecom operator Telia advanced 1.1% after posting better-than-expected quarterly earnings, while freight forwarder DSV firmed 2.7% after raising its 2022 outlook.
