European stocks fall on the Ukraine crisis

European shares are set to record their worst daily performance in nearly two weeks on Tuesday, as investors jittery over the war in Ukraine, expectations of a US Federal Reserve monetary policy tightening and mixed business results.

The pan-European Stoxx 600 index fell 1 percent, after falling 0.9 percent last week. Travel and construction stocks led losses in early trading.

Russian forces launched their expected offensive in eastern Ukraine, trying to breach defenses along almost the entire front line early Tuesday, in what Ukrainian officials called the second phase of the war.

St. Louis Federal Reserve Bank President James Bullard reiterated his call for an interest rate increase to 3.5 percent by the end of the year on Monday, saying US inflation was “too high”.

Score fell 2.6 percent after the French reinsurer said it expected to withhold fees for claims related to the conflict in Ukraine.