August 23, 2022
Tuesday morning saw a decline in European stock markets, mirroring overall mood as new energy price increases in Europe stoked recessionary fears and pushed the euro to 20-year lows.
Early trading saw a 0.2% decline in the pan-European Euro Stoxx 600, with media stocks driving the decline.
As a result of damage to a crucial pipeline system that transports oil from Kazakhstan through Russia and into Europe, benchmark gas prices in the European Union increased 13% over night.
The damage follows Russia’s announcement that it will halt gas exports to Europe for three days at the end of the month in order to perform unforeseen maintenance on its primary Nord Stream 1 pipeline.
Just before markets started in Europe on Tuesday morning, the euro fell back below parity with the dollar to hit a two-decade low and was trading at about $0.9915.
In the early premarket activity, U.S. stock futures moved little higher in an effort to halt Monday’s widespread sell-off.
Source: CNBC
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