European stocks choppy with Russa-Ukraine tensions, PMIs in focus; Stoxx 600 down 1.4%

LONDON — European markets were choppy on Monday as investors monitored the Russia-Ukraine situation and unexpectedly strong economic data from the euro zone and U.K

The pan-European Stoxx 600 index was down 1.4% during afternoon trade, having gained as much as 0.6% at the start of the session. Autos dropped 2.7% to lead losses as all sectors and major bourses slid into the red

U.S. President Joe Biden has accepted “in principle” a meeting with Russian President Vladimir Putin, paving the way for last-ditch diplomatic efforts to avert an invasion of Ukraine by Russian forces

White House Press Secretary Jen Psaki said Sunday evening that if Moscow does not launch an invasion in the coming days, the summit would take place following a scheduled meeting between U.S. Secretary of State Antony Blinken and Russian Foreign Minister Sergey Lavrov later this week

However, a U.S. official has said that Moscow has compiled lists of Ukrainians to target after an invasion, according to a letter seen by NBC News

Shares in Asia-Pacific were mixed on Monday as investors continued to monitor the situation surrounding Ukraine, while China left its benchmark lending rate unchanged. Markets in the United States are closed Monday for the Presidents Day holiday, having dropped sharply on Friday as global markets were roiled by rising tensions in eastern Europe

In corporate news, Credit Suisse said on Sunday that it “strongly rejects” allegations published following a coordinated global media investigation into a mass leak of its client data over previous decades. The leaked information was purported to contain human rights abusers and businessmen under sanctions

The Swiss lender said the information published by the Organized Crime and Corruption Reporting Project and 46 other news organizations was based on “partial, inaccurate, or selective information taken out of context

Shares of Swedish real estate company SBB gained more than 5.5% to lead the Stoxx 600 by mid-afternoon, with high trading volumes causing wild swings for the stock after short seller Viceroy Research announced that it had a short position against the company’s shares

At the bottom of the index, Polymetal Internationa fell 8.5% as stocks with exposure to Russia took a hit.

On the data front, IHS Markit’s flash euro area composite PMI (purchasing managers’ index) reading, seen as a reliable gauge of overall economic health, came in at a five-month high of 55.8 in February despite record rises in consumer prices

The figure significantly outpaced the 52.7 forecast in a Reuters poll and the 52.3 seen in January

The U.K.’s composite PMI came in at an eight-month high of 60.2 in February, up from 54.2 in January and well above forecasts

The strength of the readings raises expectations that central banks will need to hike rates more sharply than previously anticipated as inflation continues to soar