Nord Stream I to start annual maintenance later in the day
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July 11 Reuters European shares fell on Monday, gripped by investor concerns over energy supply crunch, while fresh COVID19 cases in China and the discovery of a new coronavirus variant dented commoditylinked stocks.

Nord Stream I, the biggest single pipeline carrying Russian gas to Germany, starts annual maintenance on Monday. Flows are expected to stop for 10 days, but markets fear the shutdown might be extended due to war in Ukraine and could disrupt plans to fill storage for winter.

The panEuropean STOXX 600 index broke a threeday winning streak to drop 0.8, after posting its best week in seven on Friday.

Investors are worried about the effects on industries across the board, Susannah Streeter, senior investment and markets analyst at Hargreaves Lansdown said, adding that if emergency plans implemented by the government include rationing, then they would really hurt growth within economies highly reliant on exports from Russia.

A complete halt of Nord Stream I would keep European gas prices higher for longer, piling pressure on the European Central Bank, which is set to increase its key interest rate later this month for the first time in more than a decade.

Uniper, among the first to flag a hit from falling Russian supplies, fell 7.6 as a dispute…