European stock markets advanced cautiously amid recession fears

European stock markets advanced cautiously amid recession fears
European stock markets advanced cautiously amid recession fears

Uniper has warned that the worst of Europe’s gas crisis is yet to come

Photo: Reuters Archive

Trading in European stock markets ended the second session for this week with weak growth amid fears of a recession, writes CNBC. Retail trade was among the top gainers, while oil and gas business was among the losers, with Brent crude prices down after the OPEC+ meeting decided to cut output in September.

The pan-European Stoxx 600 rose 0.24% to 414.38 points, with most European indexes ending trading in the green. Support was provided by the British bakery chain Greggs, whose shares rose by almost 8 percent.

The German one DAX rose by 0.87% to 12,871.44 points. The performance of the index weighed on the acacia trade of the energy giant Uniper. The company is the largest importer of natural gas, and uncertainty surrounding its future remains after Gazprom halted Nord Stream 1 supplies entirely. Earlier today (September 6), its management warned that “the worst of the gas crisis is yet to come”.

Uniper shares fell almost 6% to 4.73 euros apiece.

The French CAC40 advanced by 0.19% to 6104.61 points, and the leading index of the London Stock Exchange – FTSE 100, added 0.18% to its value and closed the trade at the level of 7300.44 points.

On oil markets The price of European Brent crude fell 2.8% to just over $93 a barrel. Trade was affected by OPEC+’s decision to cut output for the first time since 2020. Pressure is also being exerted by the new blockades in China due to cases of the coronavirus, which are reducing demand.

On the foreign exchange markets, the euro is exchanged for 0.9908 dollars. The British pound reached a level of 1.1529 dollars per piece. The US dollar was supported by better-than-expected performance of the US services sector PMI in August. The data show that the value of the indicator increased to 56.5 points, against the expected 55.1 points. A value above 50 is an indicator of expansion.

The strengthening of the dollar pressured trade with gold. The precious metal fell nearly 0.5 percent to $1,714.50 a troy ounce.

The article is in bulgaria

Tags: European stock markets advanced cautiously recession fears

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