Europe closes higher as Berlin reaches deal with energy firms

Tuesday, 16. August 2022 17:32

Major European stock markets closed higher on Tuesday after Germany announced it reached a deal with national energy companies regarding gas supplies. The energy conglomerates are promising to keep two floating liquefied natural (LNG) gas terminals well supplied with gas starting from this winter until March 2024. The move is supposed to help Berlin reduce its energy dependence on Russia.

The DAX inched up by 0.68% at 5:33 pm CET, with German energy company RWE AG going up by 2.69%. The FTSE 100 rose by 0.44% at the closing bell, with its best performer Glencore PLC increasing by 4.36%. The CAC 40 climbed 0.43% as Arcelor Mittal advanced by 3.28%.

The euro rose by 0.16% against the dollar to sell for 1.01760 at 5:28 pm CET. A minute later, the pound went up by 0.38% to $1.20993.

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