"Their action is set to exacerbate the pain of rising prices and is leading to even tighter supply in the already squeezed energy market," said Susannah Streeter, senior investment and markets analyst at Hargreaves Lansdown.
"It comes at a highly fragile time geopolitically, given that the EU is facing the threat that Russia will turn off the taps abruptly, potential plunging vital industries into crisis." European Central Bank Vice President Luis de Guindos said on Monday the euro zone economy could suffer a recession if Russia cuts off gas supplies and industry had to adjust to a shortage of energy.
Concerns about Europe's dependency on Russian gas and soaring inflation have dampened investor sentiment, with tightening financial conditions also fuelling worries about a hit to economic growth and corporate profits.Data showed business growth across the Eurozone slowed further last month, with forward looking indicators suggesting the region could slip into decline this quarter as the cost of living crisis keeps consumers wary.
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Source: Reuters - 🏆 2. / 97 Read more »