The pan-European Stoxx 600 hovered below the flat line until mid-morning, but was set to make a monthly profit in March. Utilities rose 0.6% while retail shares fell 2.2%. The European blue chip index looks set to close more than 5% lower in the first quarter. In terms of individual stock price movements, the Swedish software company Sinch fell more than 10% while the French housing company Orpea gained 4.4%. Geopolitical uncertainty and worries about rising inflation dominated the market climate in March. Both European and American markets fell on Wednesday after disappointing talks between Russia and Ukraine aimed at finding a solution to the conflict, again showing little progress. Russia said Tuesday it would reduce its military presence in parts of Ukraine, but several countries – including the United States and the United Kingdom – remained skeptical of Moscow’s commitment and Russian attacks on Ukraine continued on Wednesday. Oil prices also cast a shadow over the sentiment. US crude rose more than 3% on Wednesday as Germany warned of a possible gas deal due to disagreements with Russia and US crude stockpiles fell. However, oil prices fell sharply during the trading hours in Asia overnight, however, before falling slightly as markets opened in Europe. International Brent crude futures were down 4.3% at $ 108.58 a barrel. US crude futures fell about 5.4% to $ 102 a barrel. The government of US President Joe Biden is considering a plan to release 1 million barrels of oil a day from strategic oil reserves for about six months, a source told NBC News. World oil prices have plunged into volatile trade since Russia invaded Ukraine more than a month ago.

Globally, US stock futures were slightly higher in the first pre-market trades before the trading day of the month and quarter. Investors in the state expect weekly unemployment claims and personal income and expense data to be released on Thursday morning. In the Asia-Pacific overnight markets, shares were mixed. NATO is due to release its military alliance’s annual report on Thursday, and OPEC and non-OPEC allies, including Russia, will hold a ministerial meeting. Despite clouds hovering over the global economy and markets from the war in Ukraine and related energy price spikes, Hugh Gimber, global market analyst at JPMorgan Asset Management, told CNBC on Thursday that the approach of Government policies in fiscal policy have changed since the Covid-19 pandemic and could prevent some of the harm to consumers that fuels fears of a recession. “The consumer outlook has deteriorated and I think the risks to growth, especially in the eurozone, are now higher, but I will look into this political response,” Gimber said, noting that governments have “lost their fear of debt”. ». when we face circumstances that are beyond the control of the consumer. “If it is the governments that decide to intervene, then you should not see as much impact on measures as retail sales, as one would normally expect, given the price increases we have seen.” Like this article? For exclusive stock options, investing ideas and global live streaming on CNBC Subscribe to CNBC ProStart your free trial now – CNBC’s Eustance Huang contributed to this market report.