European Stocks Rise in Russian Gas Cut Rollercoaster Session
- China stimulus pledges, resilient earnings offer some support
- Deutsche Bank shares drop on worries over higher costs
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European equities gained on Wednesday, bouncing off six-week lows, as investors assessed the economic implications of cuts in gas supplies from Russia, while “all out” stimulus pledges by China and a string of corporate earnings releases helped boost risk appetite.
The Stoxx 600 Europe Index closed 0.7% higher, reversing early losses of as much as 1%, and then paring gains of the same magnitude. The seesaw followed Russia’s decision to halt gas flows to Poland and Bulgaria, a move that European officials said they were “prepared” for, while reassuring that there is enough fuel in storage for the weeks ahead.