European stocks slumped, the euro fell and natural gas skyrocketed after Russia said it was cutting off gas supplies through the Nord Stream 1 pipeline indefinitely.
The announcement, which supplier Gazprom blamed on technical issues after a three-day maintenance period, was interpreted as a political move as Western countries moved to implement a price cap on Russian oil, the latest sanction after Russia’s invasion of Ukraine.
The Stoxx Europe 600
Of the major regional indexes, the German DAX
Dutch TTF gas futures rocketed 26%. The euro
The moves come with Wall Street closed for the Labor Day holiday. U.S. stock futures wavered , with the lead S&P 500