European shares fall to their lowest level in a month

European shares fell to their lowest level in nearly a month after energy giant Gazprom said on Friday that Russia would halt supplies of natural gas to Europe for three days at the end of the month. Bundesbank President Joachim Nagel said the European Central Bank should continue to raise interest rates even if a recession is increasingly likely in Germany, where inflation will remain uncomfortably high until 2023. The European STOXX 600 (.STOXX) index fell 1.0% to its lowest level since July 28, the German DAX (.GDAXI) index fell 2.3%, and Uniper (UN01.DE), the largest importer of Russian gas in Germany, fell 7.7% as Shares of parent company Fortum (FORTUM.HE) fell 4.4%.

European shares fell to their lowest level in nearly a month after energy giant Gazprom said on Friday that Russia would halt supplies of natural gas to Europe for three days at the end of the month. Bundesbank President Joachim Nagel said the European Central Bank should continue to raise interest rates even if a recession is increasingly likely in Germany, where inflation will remain uncomfortably high until 2023. The European STOXX 600 (.STOXX) index fell 1.0% to its lowest level since July 28, the German DAX (.GDAXI) index fell 2.3%, and Uniper (UN01.DE), the largest importer of Russian gas in Germany, fell 7.7% as Shares of parent company Fortum (FORTUM.HE) fell 4.4%.