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Global stocks sink amid commodities 'melt-up' rally as war rattles markets

European shares sink into correction territory; Euro heads for worst week vs dollar in nearly 2 years

A trader works at the Frankfurt stock exchange in Frankfurt (Photo: Reuters)
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A trader works at the Frankfurt stock exchange in Frankfurt (Photo: Reuters)

Reuters London
Stocks sank to one-year lows in Europe on Friday when bonds, commodities and crude rallied as investors ran for cover in the face of escalating war in Ukraine, with Russia seizing a big nuclear plant.

The rout in Asian and European stocks were set to spillover into Wall Street, with U.S. stock index futures down about 0.7%.

The STOXX index of 600 European companies was sank 3% to 424 points, its lowest levels since late March last year, leaving the benchmark down 14% in correction territory, meaning 10% or more below its January record high.

Euro zone banks, whose exposures to Russia are

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