European markets headed sharply lower on Monday as investors weighed economic risks in the region, and concerns over energy supplies from Russia were reignited.
pan europe Stokes 600 It was down 1.4% in early trading, with autos losing 2.8% to lead losses as most major sectors and stock exchanges slid deep into negative territory. Oil and gas stocks bucked the trend to add 1.3% as prices rose again.
The sharp downward moves of risky assets came after the Russian state-owned energy giant Gazprom announced that Gas flows to Europe via the Nord Stream 1 . pipeline Indefinitely, indicating additional repair requirements.
European shares rose on Friday to wrap up a busy week, as investors reacted to a… US main jobs report Who showed the American economy Added 315,000 jobs in August. The number was slightly below the Dow Jones consensus estimate of 318,000, while the unemployment rate rose to 3.7%, slightly above expectations of 3.5%.
The reading will help allay market fears that a more booming labor market may give the Federal Reserve license to raise interest rates more aggressively while trying to rein in inflation.
Overnight in Asia Pacific markets, stocks were mixed as investors digested the results of a special survey on Chinese services activity that showed the sector’s growth in August.
US markets are closed on Monday for the Labor Day holiday.
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