European stocks close lower as concerns rise over Russia-Ukraine war

By Aysu Bicer

ANKARA (AA) - European stocks closed lower on Tuesday amid mounting concerns over the Russia-Ukraine war and rising COVID-19 cases in China surging to a two-year high.

Chinese health officials on Tuesday admitted that the coronavirus situation in the country was "grim and complex" as daily cases continue their dramatic rise.

Out of 31 provinces in China, 28 have reported coronavirus cases during the past week.

Meanwhile, the European Central Bank (ECB) doubled down on its baseline scenario that the eurozone will see robust grow this year and that inflation will settle at around 2% in 2024.

Investors are also as focused on the US Federal Reserve's two-day meeting that will conclude Wednesday.

STOXX Europe 600, which includes around 90% of the market capitalization of the European market in 17 countries, diminished 0.28% to 435.12 points.

Germany's DAX 30 index slipped by 0.09% to 13,917.27 points, while France's the CAC 40 index went down by 0.23% to 6,355 points.

London's FTSE 100 index declined 0.25% to 7,175.7 points, whereas Italy's FTSE MIB 30 index rose by 0.31% to 23,499.86 points.

The UK added 370 new individuals and institutions to its sanctions list on Russia and Belarus, while also banning luxury exports to Russia.

US-based chip manufacturer Intel, one of the world's largest in the world, announced that it would establish a €17 billion (about $18.6 billion) chip factory in Germany.