(Reuters) – European shares climbed on Tuesday, following a rough start to the week as worries over a looming energy crisis and recession weighed on risk appetite, while Credit Suisse Group rose after the lender agreed to sell its global trust business.
The STOXX 600 index rose 0.5% just moments after the opening bell, on track to recover from a 0.6% loss marked in the previous session on news that Russia stopped pumping gas via the Nord Stream 1 pipeline to Europe.
Germany’s DAX index climbed 0.7% after slumping more than 2% lower on Monday.
Investors closely followed developments around the Nord Stream gas stoppage, which sparked worries about surging energy prices and winter shortages in the region.
Gazprom Deputy Chief Executive Officer Vitaly Markelov told Reuters the Russian natural gas Nord Stream 1 pipeline to Germany will not resume shipments until Siemens Energy repairs faulty equipment.
Shares of Siemens Energy climbed 3.1% after the company said during the weekend it had not been commissioned to carry out the repair work.
Credit Suisse Group gained 1.9% as the bank agreed to sell its global trust business to The Bank of N.T. Butterfield & Son Limited and Gasser Partner Trust.
(Reporting by Shreyashi Sanyal in Bengaluru; Editing by Sherry Jacob-Phillips)
