European stock markets traded sharply lower Monday, weighed by renewed regional energy concerns, political turmoil in the U.K., and worries about the health of Swiss banking giant Credit Suisse. By 03:25 ET (07:25 GMT), the DAX in Germany traded 1% lower, the CAC 40 in France fell 1%, and U.K.’s FTSE 100 dropped 0.6%. Russian energy giant Gazprom (MCX:GAZP) suspended its gas supplies to Italy over the weekend, in what appears to be the latest iteration of the conflict between Moscow and western Europe over the supply of natural gas since Russia's invasion of Ukraine in February.
GDP in the UK increased by 0.2% from April to June – an improvement on the previously forecast decline of 0.1%, according to the ONS.
European stock markets traded higher Friday, helped by stronger than expected U.K. growth, as a torrid quarter dominated by central banks aggressively lifting interest rates draws to an end. By 03:45 ET (07:45 GMT), the DAX in Germany traded 1% higher, the CAC 40 in France rose 0.8%, and U.K.’s FTSE 100 climbed 0.4%. The U.K. economy grew in the second quarter, with gross domestic product rising 0.2%, a surprise improvement on the previous estimate of a fall of 0.1%, meaning a summer recession was averted despite the cost of living crisis.