European shares tumbled sharply on Tuesday as rising energy prices stoked inflation concerns, sending the euro plummeting amid recession fears, while German power utility Uniper extended its slump by amid concerns about its financial rescue plan.
The pan-European STOXX 600 index closed down 2.11% at 400.68 points, marking its worst session in more than two weeks. Losses were wide, with oil and gas and mining stocks in the lantern.
Gas prices in Europe have soared after Norwegian workers began a strike on Tuesday, in a mobilization that intensified fears with an energy shock.
“(The strike) comes at a highly fragile geopolitical moment, as the European Union faces the threat that Russia will shut the taps abruptly, potentially pushing vital industries into crisis,” said Susannah Streeter, senior investment and markets analyst at Hargreaves Lansdown.
Uniper shares plunged 9.5% as Germany braced for the possibility of taking a stake in the country’s biggest buyer of Russian gas, Handelsblatt reported.
Europe’s utilities index fell by 2%.
- In London, the Financial Times index dropped 2.86%, to 7,025.47 points;
- In Frankfurt, the DAX index fell 2.91% to 12,401.20 points;
- In Paris, the CAC-40 index lost 2.68%, to 5,794.96 points;
- In Milan, the Ftse/Mib index had a devaluation of 2.99%, to 20,705.06 points;
- In Madrid, the Ibex-35 index registered a drop of 2.48%, at 7,959.40 points;
- In Lisbon, the PSI20 index depreciated by 2.89%, to 5,879.42 points
Source: CNN Brasil
I am Sophia william, author of World Stock Market. I have a degree in journalism from the University of Missouri and I have worked as a reporter for several news websites. I have a passion for writing and informing people about the latest news and events happening in the world. I strive to be accurate and unbiased in my reporting, and I hope to provide readers with valuable information that they can use to make informed decisions.
