European markets took a nosedive on Monday, undermined by another surge in gas price fever.
In Paris, the CAC 40 dropped 1.8%.
The Frankfurt Stock Exchange, rich in industrial stocks and very sensitive to energy prices, lost 2.32%, while Milan fell 1.64%.
London, supported by energy specialists, limited the breakage, falling only 0.22% at the close.
"Europe is preparing for another closure of the Nord Stream 1 gas pipeline,"
explain analysts at Oanda.
The Russian gas giant Gazprom has indeed warned that gas deliveries will be interrupted for “maintenance” between August 31 and September 2, thus rekindling fears of a shortage in Europe.
The price of European gas immediately soared.
It rose to 295 euros per mega-watt hour (MWh) on Monday, approaching all-time highs hit in the early days of Russia's invasion of Ukraine.
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After a good summer on the stock market, investors preferred to pocket a share of the profits made over the past two months.
They fell back on the dollar, a traditional safe haven.
The euro thus sank below the parity threshold with the greenback.
Investors are also nervous ahead of the annual Jackson Hole central bank symposium in the United States, which is due to be held next Thursday and Friday.
In recent weeks, markets have risen sharply, buoyed by strong corporate results and hopes for a pause in rate hike campaigns.
But, faced with the persistence of inflation, the central banks may well tighten their monetary policies even further, even if it means sacrificing growth.