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European stocks closed on a weak note on Monday as worries about corporate earnings outlook, energy crisis following Russia turning off Nord Stream 1, and fresh Covid-19 curbs in China weighed on sentiment.<\/p>\n
Also, with key U.S. inflation data due later in the week, traders largely refrained from creating fresh long positions. <\/p>\n
After Russia turned off Nord Stream 1, the biggest single pipeline carrying Russian gas to Germany for annual maintenance, Germany has warned that Moscow could halt gas flows permanently.<\/p>\n
Flows are expected to stop for 10 days, but it is feared that the shutdown might be extended due to war in Ukraine.<\/p>\n
The pan European Stoxx 600 ended 0.53% down. Germany’s DAX fell 1.4% and France’s CAC 40 shed 0.61%, while the U.K.’s FTSE 100 flat, and Switzerland’s SMI edged up 0.11%.<\/p>\n
Among other markets<\/span> in Europe, Austria, Belgium, Finland, Greece, Ireland, Netherlands, Poland, Russia, Spain and Sweden ended with sharp to moderate losses,<\/p>\n Denmark, Iceland, Norway and Turkey closed higher, while Czech Republic and Portugal settled flat.<\/p>\n In the UK market, IAG ended nearly 6% down. Flutter Entertainment, Antofagasta, Ocado Group, Anglo American Plc, Dechra Pharmaceuticals, ABRDN, Fresnillo, Smurfit Kappa Group and Scottish Mortgage shed 2 to 5%.<\/p>\n Centrica and SSE both gained more than 3%. Severn Trent, United Utilties, Compass Group, National Grid, Reckitt Benckiser, Relx, Rentokil Initial, Airtel Africa and Standard Chartered moved up 1 to 2.3%.<\/p>\n In the French market, Atos plunged nearly 9%. Faurecia, Valeo, Air France-KLM, Renault, BNP Paribas, Saint Gobain and Vivendi shed 3 to 7%.<\/p>\n Societe Generale, Michelin, Credit Agricole, Unibail Rodamco, Vinci, Bouygues, Publicis Groupe, Accor, ArcelorMittal and WorldLine also declined sharply.<\/p>\n In Germany, Covestro, Deutsche Bank, BASF, Zalando, Continental, Adidas, HelloFresh, Daimler, Volkswagen and BMW drifted down 2.7 to 4.6%.<\/p>\n Porsche Automobil, Siemens, Bayer, Infineon Technologies, Deutsche Post and HeidelbergCement lost 1.7 to 2.5%.<\/p>\n Sartorius, RWE, Symrise and Merck posted strong gains.<\/p>\n Danske Bank shares slumped nearly 4% after the Danish lender revised its 2022 net profit outlook downwards, citing rising interest rates and unfavorable financial market conditions. <\/p>\n<\/p>\n<\/div>\n