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European markets rose cautiously on Tuesday as investors continued to assess recession risks in the region.
The pan-European Stoxx 600 gained 0.5% by mid-afternoon, with retail stocks climbing 2.8% to lead the gains as most sectors moved into positive territory.
Oil and gas stocks were the outlier, slipping 2.1% as Brent crude prices retreated following a modest OPEC+ supply cut and gas prices previously up, down.
European markets closed lower on Monday as investors pondered a range of economic challenges facing the region, with the shutdown of gas supplies from Russia dominating market sentiment on Monday.
The sharp decline in risky assets came after Russian energy giant Gazprom announced that gas flows to Europe via the Nord Stream 1 pipeline would be cut off indefinitely, citing additional repair needs. The euro fell sharply as gas prices in Europe soared.
Gas flows through Nord Stream 1 will not resume until Siemens Energy repairs faulty equipment, Gazprom deputy chief executive Vitaly Markelov told Reuters on Tuesday.
In the United States, US stocks opened higher after Labor Day. Meanwhile, stocks in Asia were mixed in Tuesday’s trading.