European shares extend losing streak as investors fret about energy price surge

Mega-cap growth stocks advanced in early trading on the New York Stock Exchange on Tuesday. Photograph: Angela Weiss/AFPEuropean shares slipped on Tuesday, extending their losing streak to a third session as investors fretted about soaring energy prices and a weak economic outlook.

A closely-watched survey showed growth in Britain’s private sector slowed to a crawl in August as factory output fell and the larger services sector eked out only a modest expansion, adding to signs that recession may be looming. Automotive stocks and banks rose 1.1 per cent and 0.3 per cent respectively, while energy led gains, rising 3.5 per cent as crude prices rose on concerns over tight supply.

Investors are concerned about the uncertainty ahead for European markets as it is feared the energy crunch could worsen.rose 4 per cent after saying it would start producing electricity for the market at its Heyden 4 hard coal-fired power plant as a three-day halt in Russia’s gas supplies to Europe may cause disruptions to power supply.

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