Euro Slumps, Stocks Plunge After Russian Gas Cut-Off

European stocks and the euro fell on Monday morning while natural gas prices skyrocketed after Russia said it was cutting off gas supplies through the Nord Stream 1 pipeline indefinitely.  The Stoxx Europe 600 dropped 1.2%, with chemical companies and automakers among the hardest hit. Of the major regional indexes, the German DAX fell 2.

7%; the French CAC 40 declined 1.9%, while the oil-producer heavy U.K. FTSE 100 weakened by 0.7%. Meanwhile, Dutch TTF gas futures rocketed a massive 26%, while the euro slipped 0.4% to $0.9916 to trade below…