Stock exchange in Frankfurt: Escalation of the gas crisis pulls the Dax down sharply

The escalation of the gas crisis had a noticeable impact on the local stock market on Monday.

Stock exchange in Frankfurt: Escalation of the gas crisis pulls the Dax down sharply

The escalation of the gas crisis had a noticeable impact on the local stock market on Monday. The Dax lost 2.86 percent in the morning to 12,677.59 points. On Friday, the great relief after the latest US job market report lifted the leading German index above the 13,000 point mark. The MDax of medium-sized stocks fell by 2.35 percent on Monday to 24,569.65 points. The Eurozone leading index EuroStoxx 50 lost 2.3 percent.

Germany gets practically no more gas from Russia. Gazprom is suspending all deliveries through the Nord Stream 1 pipeline until further notice - allegedly due to technical problems. The Kremlin blames the sanctions policy for the gas supply stop. However, it is suspected that Kremlin boss Vladimir Putin wants to put even more pressure on the West - and Germany in particular - in the conflict over Ukraine. "Fear of a Lehman-like crisis in the European energy sector is growing," wrote Jochen Stanzl, chief market analyst at trading house CMC Markets.

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