Global stocks sink as Europe faces new squeeze on Russian gas supply
Global stock markets sank Monday as Europe faced a new squeeze on Russian gas supplies.
London and Frankfurt opened lower. Tokyo, Hong Kong and South Korea fell while Shanghai gained. Oil prices rose more than USD 2 per barrel while the euro edged lower.
Markets were roiled by Russian energy giant Gazprom’s announcement Friday that a suspension of gas supplies through the Nord Stream 1 pipeline would be extended indefinitely. That adds to shortages in Germany and other economies.
In early trading, the FTSE 100 in London lost 1.1% to 7,198.73 and the DAX in Frankfurt tumbled 3.2% to 12,628.44., The CAC 40 in France fell 2% to 6,047.28.
