The pan-European Stoxx 600 fell 1.3 percent in early trade, with autos down 3.5 percent to lead losses as most sectors and major bourses slid deep into negative territory. Oil and gas stocks bucked the downtrend to gain 1.3% as prices soared once again. The sharp declines in risk assets came after Russian state energy giant Gazprom announced that natural gas flows to Europe via the Nord Stream 1 pipeline would be halted indefinitely, citing additional repair requirements. The euro fell sharply while European gas prices soared. European shares rose on Friday to cap a bruising week as investors reacted to a key US jobs report that showed the US economy added 315,000 jobs in August. The number was just below the Dow Jones consensus estimate of 318,000, while the jobless rate rose to 3.7%, slightly above expectations of 3.5%. The reading helped ease market fears that a much stronger labor market would give the Federal Reserve permission to raise interest rates much more aggressively as it tries to curb inflation. Overnight in Asia-Pacific markets, stocks were mixed as investors digested the results of a private survey of Chinese services activity that showed the sector grew in August. US markets are closed on Monday for the Labor Day holiday.
