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Stocks mixed, oil gains amid geopolitical tensions

European stocks

Frankfurt’s DAX gained 0.3% to set a new record, as Paris closed flat and Tokyo lower

Global stocks were mixed on Monday, while oil prices gained as escalations between Moscow and Ukraine raised questions over Russian oil production.

US oil prices climbed 1.6% on news of the latest drone attack by Kyiv causing a fire at a major Russian oil refinery, the latest in a series of strikes against the country’s fuel industry.

Heightened tensions between Ukraine and Russia have brought a halt to the rally in equity markets seen last week, according to Russ Mould, investment director at AJ Bell.

Investors were nervously watching proceedings from the sidelines, especially as oil prices rose once again, he added.

On Wall Street, stocks dropped as a market rally took a breather.

Maris Ogg of Fiduciary Trust said the reticent start was unsurprising given the comparatively light schedule this week as far as economic news.

“It certainly wouldn’t be unusual” to have some kind of consolidation after last week’s highs, Ogg added.

Sentiment was also dented after EU antitrust regulators said they were probing US tech giants Apple, Google parent Alphabet and Facebook parent Meta in relation to a digital law intended to ensure competition.

Earlier, Frankfurt’s DAX gained 0.3% to set a new record, as Paris closed flat and Tokyo lower.

Meanwhile shares in Boeing jumped 1.4% after the company announced Monday that CEO Dave Calhoun would leave his post as the company faces increased scrutiny after a series of safety incidents and manufacturing issues.

Susannah Streeter at Hargreaves Lansdown said the gain paled in comparison to the 25% decline in Boeing shares since the start of the year.

It is not surprising that there seems to be some scepticism about the changes, given previous executive merry-go-rounds seem to have made no difference and the company has slipped into further chaos, she said.

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