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European Stocks, Euro Sink as Energy Woes Worsen: Markets Wrap

  • Gas prices in Europe leap as Russia keeps main pipeline shut
  • Pound steady after Liz Truss wins contest to be new UK premier
Bloomberg business news
WATCH: Markets are headed for a “very bumpy ride,” says Vasu Menon of OCBC Bank Wealth Management.Source: Bloomberg
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European stocks slumped and the euro fell Monday as the region’s worsening energy crisis added to risks for a global economy already facing high inflation and a wave of monetary tightening.

The Stoxx Europe 600 Index dropped after Russia’s Gazprom PJSC halted its key gas pipeline indefinitely, although the benchmark gauge recovered from its worst levels as energy stocks rallied. Wall Street equity futures edged higher after the worst week for world shares since June. Cash Treasuries and US stocks are closed because of Labor Day.