CAC 40 Down 117 Points As Europe's Energy Crunch Deepens
(RTTNews) - French stocks fell sharply on Monday, with fears over aggressive monetary tightening and concerns over Europe's energy crisis keeping investors nervous.
Russia will halt natural gas supplies to Europe for three days at the end of the month, state energy giant Gazprom said on Friday, deepening the energy crunch that's threatening to plunge the region into a recession.
Separately, the European Central Bank must keep raising interest rates even if a recession in Germany is increasingly likely, Bundesbank President Joachim Nagel told a German newspaper though he declined to discuss of the September move.
Investors await minutes of the ECB's last policy meeting and Federal Reserve Chair Jerome Powell's key speech at the Fed's annual economic symposium this week for additional clues on the economic and rate outlook.
The benchmark CAC 40 was down 117 points, or 1.80 percent, at 6,378 after ending 0.9 percent lower on Friday.
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