Russia Exposure Wipes $100 Billion From European Stocks
- Too soon for buyers to emerge given uncertainty over war
- ‘Nobody knows where this ends,’ says Saxo Bank’s Peter Garnry
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European stocks with business exposure to Russia have lost more than $100 billion in market value since the war risks surged. Still, with the impact of sanctions on Moscow remaining uncertain, few are ready to snap them up just yet.
“Nobody knows where this ends and we are in a maximum uncertainty environment that requires a rethinking for most investors,” said Peter Garnry, head of equity strategy at Saxo Bank AS.