The main European markets finished the first trades of the week in negative territory, but with a large divergence of losses, against the background of the new energy pressure from natural gas prices in the Old Continent.
In particular, the pan-European index Stoxx closed the session on 433.18 declining units 0.96%and the automotive sector to plunge 3.9%.
The pressures on its European high capitalization were significantly more intense Stoxx 50whose composition is burdened by energy-intensive large industries, and completed transactions with -1.93% at 3,658 units.
Similarly, in Germany the DAX closed at 13,230 units with a dip 2.3%the French CAC 40 fell to 6,378 units with a fall 1.8%while on the contrary in Britain FTSE 100 showed minor losses 0.2% closing at 7,533 units.
The picture is the same in the European region, where the Italian FTSE MIB suffered heavy losses 1.65% finishing at 22,165 units, while in Spain o IBEX 35 limited the fall to -0.64% closing at 8,284 units.
In the day’s key news, natural gas prices surged again in Europe, hitting a record high of €300 per megawatt hour, as a new Nord Stream maintenance shutdown reignited fears of a permanent shutdown of flows from Moscow.
Elsewhere, investors are eyeing the crucial Federal Reserve meeting in Jackson Hole starting on Thursday, waiting for some signal that will ease concerns about a continuation of its tight monetary policy.
At the same time, the messages from ECB policymakers are aggressive, with Bundesbank President Joachim Nagel telling a German newspaper that the ECB should continue raising interest rates even as the risk of a recession for his country increases. Germany.
Minutes from the ECB’s latest meeting will be released on Thursday, while investors are keenly awaiting preliminary eurozone PMI indicators.
In the movements of individual stocks, the top positions of the Stoxx 600 were Novo Nordisk with a jump of 4.1%, following the positive results announced by the pharmaceutical company from Denmark in a trial preparation for diabetes.
On the contrary, Just Eat Takeaway.com sank -9.2% as investors locked in gains from last week’s strong rally following a €1.8bn sale of its 1/3 stake in Latin America.
The German energy giant moved at similar rates Uniper plunging nearly 8% amid warnings of further cuts in Russian gas supplies to Europe, which have already forced the company to seek a government bailout.
Source: Capital
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