Stocks slide on inflation concerns

LONDON:

Eurozone and US stocks sank on Tuesday on gas supply fears and renewed concerns about the impact of inflation. In Europe, the natural gas reference price Dutch TTF surged nearly 13% to 203 euros ($205) per megawatt hour, one day after Russia’s Gazprom said it would cut daily gas deliveries to Europe via the Nord Stream pipeline. “With no clear timeline for when capacity is likely to increase, the prospect of further uncertainty over gas supplies is weighing on European markets today,” CMC Markets analyst Michael Hewson told AFP. Frankfurt’s Dax slumped 0.9% while the CAC in Paris shed 0.4%. “The euro is also under pressure as it becomes increasingly apparent that a slowing economy will make it increasingly difficult for the ECB to hike aggressively,” he added. 

Published in The Express Tribune, July 27^th, 2022.

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