London, Monday, 22 August 2022
The Dax fell more than 2% and the Stoxx 600 about 1% on Monday afternoon, pushing European shares toward their worst day in more than a month. Autos were the sector that suffered the most.
The Bundesbank chief Joachim Nagel stated in an interview with a German newspaper that given the strong inflation, further interest-rate hikes must follow, which raised concerns about the Fed and ECB's more aggressive interest rates.
With Gazprom announcing it will stop natural gas supplies to Europe for three days at the end of the month for normal maintenance, traders were also growing more concerned about a recession in Europe and the effects of the energy issue.
Flash PMI data that is due tomorrow will provide an update on the activities of the European private sector this month, and attention will also be focused on the minutes from the most recent ECB meeting.
(Report by: The Decision Maker - Finance editors)