European stocks slumped on Monday, responding to a ratcheting up on sanctions against Russia as the Russian invasion of Ukraine continued.
The Stoxx Europe 600 SXXP, -1.16% fell 1.3% in early trade, as the financial sector reeled from the news the U.S., European Union and the U.K. agreed to block some Russian banks from the SWIFT messaging system.
The German DAX DAX, -2.07% and French CAC 40 PX1, -1.96% each fell about 2%, while the U.K. FTSE 100 UKX, -0.96% lost 1%.
ING INGA, -7.47% shares dropped 8%, while Deutsche Bank DBK, -6.65% and Societe Generale GLE, -6.54% each dropped 6%.
BP BP, -4.06% shares fell 5% as the oil giant said it’s taking a $25 billion charge to exit its 19.75% stake in Rosneft. Renault RNO, -7.35%, the owner of Russian carmaker Avtovaz, dropped 8%.
There were notable defense gainers as Germany said it set up a special €100 billion fund to upgrade its armed forces. Rheinmetall RHM, +43.76% shares jumped 44% and BAE Systems BA, +11.52% rose 13%.
The yield on the 10-year German bund TMBMKDE-10Y, 0.165% fell 6 basis points to 0.17%.
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