European markets plummet.

The bulk of European stock markets slumped on Tuesday as the impact of the Ukraine crisis extended, with the IMF cutting its global growth estimates.

The three key indices all reported zero-percentage-point gains on Wall Street. After opening, markets were up 8%, a significant contrast to Monday, when markets were down 8% due to concerns about better hobby quotes.

In Europe, after a long Easter weekend, traders were buying and selling for the first time since Thursday. London’s benchmark FTSE 100 index was flat Tuesday afternoon, the Paris CAC forty was down 0.7 percent, and Frankfurt’s DAX index was down 0.1 percent.

In its latest report, the International Monetary Fund drastically lowered its global growth prediction for 2022 to 3.6 percent.

As numerous crises such as the Ukraine war and the coronavirus epidemic fuel an acceleration of inflation, energy costs are skyrocketing, debt levels are rising, and shortages remain acute, according to the IMF.

In the report, IMF head economist Pierre-Olivier Gourinchas remarked, “The economic impacts of the war are spreading far and wide – like seismic waves that erupt from the epicenter of an earthquake.”

The eurozone’s economy was downgraded even more, with growth now predicted to be 2.8 percent rather than 3.9 percent.

In a letter, experts at Charles Schwab investment firm said Asian markets differed as the region considered the implications of Covid lockdowns in China.

China’s economic growth advanced to 4.8 percent in the first quarter of this year, according to official data released Monday.