Third day of losses in the euro markets

European stocks fell on Tuesday, completing three consecutive negative sessions, as concerns about a rally in energy prices persisted even as data out today showed business activity contracted this month.

On the board, the pan-European STOXX 600 index fell 0.4 percent to 431.35 after data showed business activity in the Eurozone shrank for a second straight month in August.

In particular, as shown by the data announced today by S&P Global. the S&P Global PMI composite index fell to 49.2 points in August from 49.9 points in July, still beating analysts’ estimates of 49 points. The latest PMI data points to an economy in recession in the third quarter of the year, commented S&P Global chief financial officer Andrew Harker.

On the board, Germany’s DAX lost 0.3% to 13,194.23 after data showed the key manufacturing PMI climbed to 49.8 in August from 49.3 the previous month, beating estimates that had put it at 48.2 units.

France’s CAC 40 fell 0.3% to 6,362.02 points, while Britain’s FTSE 100 lost 0.6% to 7,488.11 points.

In the region, Italy’s FTSE MIB gained 1%, while Spain’s IBEX 35 fell 0.7%.

Unprecedented upward pressure on energy continued in Europe, with natural gas jumping 13% earlier today, setting a new record. Prices have doubled in just one month. Russia has announced it will halt supplies to Europe via the Nord Stream 1 pipeline for three days at the end of the month to carry out maintenance work.

Meanwhile, investor jitters are intensifying as the Federal Reserve’s annual meeting in Jackson Hole, Wyoming approaches, which is expected to provide new data on the path of interest rates in the US and Europe in the coming months.