Shares in Asia-Pacific markets traded mixed while the euro suffered another setback on Monday after Russia shut down a major gas pipeline to Europe, prompting several countries to announce emergency measures amid concerns over rising energy prices.
As of 9.48 a.m. Thai time, Hong Kong’s Hang Seng index fell 1.49% in early trade, and the Nikkei 225 in Japan lost 0.16%.
The Shenzhen Component in mainland China was flat. Caixin services PMI show Chinese services activity grew in August. China’s PMI for August came in at 55.0, compared with July’s print of 55.5.
In South Korea, the Kospi rose 0.1% while the S&P/ASX 200 in Australia gained 0.2%.
The euro fell 0.4% to $0.9908 in early Asia trading, as markets priced in additional risk of a European recession and it looks like it may challenge its recent 20-year low of $0.99005.
As the crisis worsens, European ministers will consider emergency actions at its meeting this week to reign in increasing energy costs, such as capping the price of natural gas or suspending trading in power futures.
On Friday in the US, nonfarm payrolls rose 315,000 in August, somewhat less than the Dow Jones forecast for 318,000.