European shares rise in morning trading

European shares rose on Tuesday, after a difficult start to the week as concerns about a looming energy crisis and recession weighed on risk appetite.

The Stoxx 600 index rose 0.5%, moments after the start of trading, and is heading to recover from a loss of 0.6% in the previous session, on the back of news that Russia will stop pumping gas through the Nord Stream 1 pipeline to Europe.

The German DAX index jumped 0.7 percent, after falling more than two percent on Monday.

Investors have closely followed developments about the shutdown of gas in the Nord Stream pipeline, which has raised fears of higher energy prices and winter supply shortages in the region.

Russia’s executive vice president of Gazprom, Vitaly Markelov, told Reuters that Nord Stream 1, which brings gas to Germany, will not resume shipments until energy company Siemens repairs faulty equipment.

Siemens shares jumped 3.1 percent after the company said at the weekend that it had not been authorized to carry out repair work.