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European markets mixed as Germany triggers emergency gas plan
Yahoo Finance UK
European markets mixed as Germany triggers emergency gas plan
Suban Abdulla
Wed, March 30, 2022, 3:55 AM
European stocks {were} mixed on Wednesday after Germany declared an "early warning" for gas emergency as a Russia deadline to pay for supplies in rubles looms. ... The FTSE 100 (^FTSE) was trading flat after pushing higher earlier in the day. France’s CAC (^FCHI) was 0.9% lower and the DAX (^GDAXI) lost 1.4% in Frankfurt.
It comes as Germany activated an emergency gas plan as Russian president Vladimir Putin threatened to cut supplies if payments are not made in rubles, something which the G7 has rejected. Russia is attempting to prop up the currency after economic sanctions sent it crashing.
German economy minister Robert Habeck urged firms and consumers to reduce energy consumption wherever possible but said there was currently no supply shortage. Habeck said the country was monitoring flows with market operations.
The move could see the bloc's largest economy switch to biogas as it braces to ration supplies. Russia accounted for 55% of German gas imports last year, falling to 40% in the first quarter of 2022. Habeck said Germany will not achieve full independence from Russian gas before mid-2024.
{snip}
European markets mixed as Germany triggers emergency gas plan
Suban Abdulla
Wed, March 30, 2022, 3:55 AM
European stocks {were} mixed on Wednesday after Germany declared an "early warning" for gas emergency as a Russia deadline to pay for supplies in rubles looms. ... The FTSE 100 (^FTSE) was trading flat after pushing higher earlier in the day. France’s CAC (^FCHI) was 0.9% lower and the DAX (^GDAXI) lost 1.4% in Frankfurt.
It comes as Germany activated an emergency gas plan as Russian president Vladimir Putin threatened to cut supplies if payments are not made in rubles, something which the G7 has rejected. Russia is attempting to prop up the currency after economic sanctions sent it crashing.
German economy minister Robert Habeck urged firms and consumers to reduce energy consumption wherever possible but said there was currently no supply shortage. Habeck said the country was monitoring flows with market operations.
The move could see the bloc's largest economy switch to biogas as it braces to ration supplies. Russia accounted for 55% of German gas imports last year, falling to 40% in the first quarter of 2022. Habeck said Germany will not achieve full independence from Russian gas before mid-2024.
{snip}