European Stocks Hover Near End-2020 Lows Amid Recession Fears
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European stocks erased earlier gains by the close, hovering near their lowest level since December 2020, as fears of an escalating energy crisis and a possible recession offset the lure of cheaper valuations.
The Stoxx 600 Index closed 0.1% lower, wiping out advance of as much as 1.3% as gas prices surged after Gazprom PJSC warned there’s a risk Moscow will sanction Ukraine’s Naftogaz, which would prevent it from being able to pay transit fees, and therefore put at risk gas flows to Europe via Ukraine.