Market Updates
European Markets Near One-month High, Naturas Gas Drops to 4-month Low
Bridgette Randall
18 Oct, 2022
Frankfurt
European markets extended gains as natural gas price dropped to a 4-month low.
Natural gas declined for the fourth day in a row on milder than usual weather conditions across Europe and a large stockpile eased shortage worries.
Germany ordered two nuclear power plants to continue operating till mid-2023 and Spain's national gas grid operator Enagas said it may reject the next shipment of LNG on the account of lack of storage capacity.
Italy's trade account swung to a deficit in August and Spain's trade deficit widened in the month.
German business sentiment improved in October by 2.7 points to -59.2, from the previous month's 14-year low of 61.9, the Center for Economic Research said Tuesday.
Brent crude fell $2.66 to $88.94 a barrel and natural gas TTF futures dropped 11.7% to 113.11 euros MWh.
The DAX index jumped 1.75% or 221.99 to 12,869.00, the CAC-40 index increased 1.06% or 63.82 to 6,104.48.
The euro edged down to 98.28 U.S. cents and the British pound inched lower to $1.129.
The yield on 10-year German Bunds declined to 2.23%, French bonds edged lower to 2.817%, British Gilt to 3.92% and Italian bonds to 4.61%.
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