European stocks close slightly higher as Russia-Ukraine jitters keep a lid on gains

LONDON — European stocks closed slightly higher on Monday as the Russia-Ukraine war continued to weigh on global market sentiment

The pan-European Stoxx 600 provisionally closed up 0.1%, with sectors and major bourses pointing in opposite directions. Mining shares surged 4.3% to lead gains, while travel and leisure stocks fell 1.8% after a Boeing 737 passenger jet crashed in China

Global markets continue to be roiled by events in Ukraine as the war continues. Ukraine’s President Volodymyr Zelenskyy warned at the weekend that if peace talks with Russian leader Vladimir Putin fail, it would mean the start of a third global war

“If these attempts fail, that would mean that this is a third world war,” Zelenskyy said in an interview with CNN’s Fareed Zakaria that aired Sunday morning

Ukrainian and Russian officials have met intermittently for peace talks, which have failed to progress to key concessions

Ukraine on Monday rejected an ultimatum to surrender its besieged port city of Mariupol to Russian forces

Investors are also evaluating a rise in Covid-19 cases in Europe stemming from an emerging subvariant of the omicron strain of the virus

On Wall Street, U.S. stocks opened in negative territory after the S&P 500′s best week since 2020, while shares in Asia-Pacific were mixed by Monday’s close, as investors reacted to the release of China’s latest benchmark lending rate

Oil prices also surged once again on Monday, with international benchmark Brent crude futures up 6.8% to $115.28 per barrel by late afternoon in Europe. U.S. crude futures climbed 5.8% to $110.74 per barrel

In terms of individual share price movement in Europe, Finland’s Nokian Tyres plunged more than 13% as its exposure to Russia continued to weigh, while German arms manufacturer Rheinmetall jumped over 9%