Lucas Jackson | Reuters
LONDON — European markets closed lower Tuesday, with investors digesting a rise in oil prices and fresh economic data out of the euro zone.
The pan-European Euro Stoxx 600 provisionally ended down 0.5%, despite oil and gas stocks bucking the trend and pushing higher.
Health care and media stocks led the losses, both closing down around 1.6%. Meantime, oil & gas stocks ended up 3.1%.
Benchmark gas prices in the European Union spiked 13% overnight, as damage to a key pipeline system running oil from Kazakhstan through Russia and into Europe disrupted supply.
The damage comes after Russia said it will stop gas supplies to Europe for three days at the end of the month due to an unscheduled maintenance order on its main Nord Stream 1 pipeline.
The euro sank back below parity with the dollar to notch a two-decade low and was trading at around $0.9915 shortly before markets opened in Europe on Tuesday morning.
Asia-Pacific markets retreated on Tuesday, taking cues from Wall Street after U.S. stocks closed out their worst session since June on Monday amid mounting concerns about more aggressive monetary policy tightening from the U.S. Federal Reserve.
U.S. stock futures were mixed in morning trade, looking to arrest Monday's broad-based sell-off.
Investor focus this week will be on the Fed's economic symposium in Jackson Hole, Wyoming, with Chairman Jerome Powell set to deliver a speech on Friday addressing the central bank's approach to taming inflation.
Back in Europe, investors digested August flash PMI (purchasing managers' index) readings out of the euro zone, which showed that business activity contracted for a second straight month.
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