Europe closes mostly higher as EU plans gas price cap proposal
Major stock market indexes in Europe closed mostly higher on Wednesday as the European Union confirmed it will be proposing a price cap on Russian gas, while also adding the same could happen with liquefied natural gas (LNG). Eurozone's latest data showed its economy grew by 0.8% in the quarter, while London announced it will present its energy crisis plan at the end of the week. At the same time, the United Kingdom said that the country will ”most likely” face a recession, while Germany stated such an outcome is ''inevitable.''
The DAX increased by 0.54% at 5:30 pm CET, as RWE AG advanced by 7.18%. London's FTSE 100 declined by 0.67% at 5:29 pm CET. Standard Chartered Plc dropped by 3.72%. In Paris, the CAC 40 was up 0.15% at the end of today's trading, with Engie SA going up by 4.75%.
The euro was 0.40% higher than the dollar, selling for 0.99439 at 5:33 pm CET. The pound went down by 0.43% compared to the greenback, buying 1.14699 at the same time after previously reaching its lowest level since 1985.