European markets trimmed early gains after Russia’s Gazprom declared force majeure on gas supplies to at least one major customer in Europe, according to a letter from the energy giant.
The letter, seen by Reuters, said Gazprom, which has a monopoly on Russian gas exports by pipeline, could not fulfil its supply obligations owing to “extraordinary” circumstances outside its control. A trading source said the letter concerned supplies through the Nord Stream 1 pipeline that brings gas to Germany.
Stocks had risen ahead of the well-flagged announcement expected from the European Central Bank on Thursday to raise interest rates for the first time in more than a decade, with a hike of 25 basis points expected.The Iseq rose 1.4 per cent in light volumes across many stocks, echoing the positive mood among investors during European trading.closed 1 per cent higher at €5.60. Index heavyweightrose 0.8 per cent to €32.69.
In Italy, amid political turmoil, stocks advanced 1.1 per cent, while Italy’s 10-year bond yield rose as high as 3.49 per cent, pushing the closely watched spread over German bund yields to its widest level in over a month.jumped 6.1 per cent as a rise in earned loan interests boosted second-quarter operating earnings.Wall Street stocks rose in early trading, buoyed in part by bank stocks which were up 1 per cent, asadvanced 1.1 per cent after its quarterly results.
Oil prices extended gains, boosted by mounting concerns over gas supply from Russia and a lower dollar, offsetting demand fears brought on by a possible recession and China lockdowns. US crude recently rose 4.09 per cent to $101.58 per barrel and Brent was at $105.53, up 4.32 per cent on the day.Laura Slattery is an Irish Times journalist writing about media, advertising and other business topics
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