European indexes fell sharply and the euro touched a new 20-year low after Russia extended a halt to natural-gas flows through a major pipeline, sending energy prices soaring.
The euro edged slightly lower to $0.9927 after setting a new 20-year low earlier in the day. The British pound was flat at $1.1491, recovering after falling to aU.S. stock futures wavered, with markets closed for the Labor Day holiday. Contracts linked to the S&P 500 and Dow Jones Industrial Average rose 0.1%. Futures tied to the tech-heavy Nasdaq-100 fell 0.1%.
Natural-gas futures in northwest Europe, which reflect the cost of fuel in the wholesale market, jumped more than 30% early Monday.The U.K. is expected to announce a new Prime Minister Monday, with Foreign Minister Liz Truss seen as the likely winner of the Conservative Party leadership race to replace. Ms. Truss has pledged support for households, but the details are still being worked out.
Russia is cutting of their nose to spite their face! Europe will end up going elsewhere for their energy and Russia will be out of luck (and money)!
To bad that the European leaders are not looking at Qatar as a partner that could help. They already offered to negotiate a LNG deal that could really help the energy crisis in Europe.
The revenge form Russian. I hope all of European could spent a warm winter.
It’s weird people still advocate against moving away from these resources yet complain about the high prices. The worst part is they often blame gov instead of the free market for the prices!
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Source: WSJ - 🏆 98. / 63 Read more »