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Euro slides below 99 cents for first time in 20 years
Financial Express Mumbai
|September 06, 2022
EUROPEAN STOCKS DROPPED for the sixth time in seven days, and the euro sank to a 20-year low, after Russia escalated the continent's energy crisis by shutting off key gas taps, signaling a long cold winter ahead for businesses and households in the region.
European nations led by Germany announced measures over the weekend to tackle a cost-of-living crisis and spiraling energy prices after Russian state gas producer Gazprom PJSC on Friday said it would indefinitely halt supplies through the Nord Stream pipeline.
The currency common dropped as much as 0.8% to 98.78 US cents on Monday, the weakest since 2002.
Europe's benchmark Stoxx 600 fell as much as 1.7%, led by automakers and chemicals companies. Germany's DAX Index and Italy's FTSE MIB both tumbled more than 2%, while safe-haven German bonds fell in volatile trade, pushing the 10-year yield 3.1 basis points higher.
This story is from the September 06, 2022 edition of Financial Express Mumbai.
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