8/29/2022, 5:27 PM (Source: TeleTrader)
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Europe closes lower on energy prices concerns

Major stock market indexes in Europe closed lower on Monday amid worries about the escalating prices of energy across the Old Continent. Czech Prime Minister Petr Fiala urged the European Union to discuss a joint response to the crisis. Later, his French counterpart Elisabeth Borne called on companies to reduce their use of gas by 10% to avoid cuts. Meanwhile, European Commission President Ursula von der Leyen stated the institution is preparing "an emergency intervention and structural reform of the electricity market" to address the situation.

The DAX closed 0.65% lower as Bayer AG plunged by 4.90%. The CAC 40 went down by 0.83%, with Engie SA plummeting by 4.63%. The FTSE 100 was closed for the day due to the summer bank holiday.

The euro rose by 0.24% against the dollar to sell for $0.99895 at 5:28 pm CET. At the same time, the pound sterling lost 0.29% to the greenback to change hands for $1.17063.

Baha Breaking News (BBN) / JR