Western Europe – markets trade listlessly as war-related rally peters out and German Ifo goes largely unnoticed. Volume is meager, investor activity nearly non-existent. L’Oreal on the upside as results better than expected. Deutsche Telekom also gains as tax-related costs offset by losses in the parent company. Allianz losing over 1.74% - information that Munich Re might announce capital increase weighs on the entire sector.