The Business Times

Europe: Equities open higher

Published Tue, Sep 6, 2022 · 03:33 PM

EUROPE’S main stock markets edged higher on Tuesday (Sep 6), after tumultuous trade the previous day on the region’s worsening energy crisis.

Frankfurt’s benchmark DAX index won 0.5 per cent to 12,822.93 points and the Paris CAC 40 added 0.2 per cent to 6,107.25.

London’s FTSE 100 also rose 0.2 per cent to 7,299.93 as departing UK Prime Minister Boris Johnson prepared to hand over the reins to Liz Truss.

Eurozone stocks had tumbled Monday on energy crisis fears after Russia said it would not restart gas flows to Germany and effectively most of the continent.

Russia’s decision - in retaliation for sanctions over Ukraine - sent shock waves through trading floors as it ramped up expectations of a painful recession in major economies.

Frankfurt had plunged 2.2 per cent and Paris lost 1.2 per cent on Monday.

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London, however, eked out a slender gain after Truss was confirmed as successor to Johnson.

Elsewhere on Tuesday, Asian bourses struggled to recover from Monday’s losses on growing fears over the energy crisis, China’s economic slowdown and central bank efforts to contain surging inflation. AFP

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