Europe closes lower amid gas concerns, economic data

Wednesday, 20. July 2022 17:31

European stock markets closed on Wednesday lower amid the increasing worries related to the gas prices, but also after the release of a new batch of economic data during the day.

The European Commission loosened state aid rules for renewable energy and proposed a gas demand reduction plan to prepare the European Union for Russian supply cuts during winter, a cut-off that could decrease the average European GDP by up to 1.5%. Besides, the EU approved the 7th package of sanctions, while the Commission published that consumer confidence in the euro area dropped in July.

At the close, the DAX lost 0.19%, with HelloFresh down by 9.35%. The CAC 40 fell 0.28%, while Alstom decreased by 2.72%, and the FTSE 100 declined 0.41%, as DS Smith dropped by 3.83%.

The euro was down by 0.26% against the dollar at 5:28 pm CET, selling for $1.02016. In comparison, the pound fell by 0.14% to go for $1.19790 at the same time.

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