European stocks decline as Russian gas cut dims mood

European stocks decline as Russian gas cut dims mood

Stocks















Bloomberg

European stocks extended three days of declines as investors came to grips with the implications of cuts in gas supplies from Russia and the prospect of faltering growth.

The Stoxx 600 Europe Index fell almost 1% while S&P 500 and Nasdaq 100 contracts also gave up early gains in the wake of a technology-led slump that pushed the main US gauge to its lowest level in six weeks.

The dollar was around the highest level in nearly two years. Treasuries retreated but the 10-year yield, at about 2.77%,

remains lower for the week.

The euro touched the weakest level versus the greenback since 2017 amid worries that Moscow may choke gas flows to Europe, hurting the region’s growth in the ongoing fallout from Russia’s invasion of Ukraine.

Russia cut off supplies to Poland and Bulgaria, making good on a threat to halt flows to nations that refuse to pay for the fuel in rubles. European gas surged as much as 24%. Oil topped $102 a barrel amid the tension.

The energy brinkmanship, along with disappointment over earnings from the likes of Alphabet Inc. and Texas Instruments Inc., sowed further doubts about