Gains in European stocks curtailed as Gazprom declares force majeure

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Oil prices rise, commodity stocks lift FTSE and banks advance on Wall Street via IrishTimesBiz

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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