Fitch Ratings: Risk of eurozone recession rises as gas rationing looms

"The likelihood of gas rationing in Europe has increased significantly following the recent disruption of Russian natural gas supplies through the Nord Stream 1 pipeline," Fitch Ratings said in a report published on Thursday. "A technical recession in the eurozone is now an increasing possibility."

Market reaction

The shared currency stays under selling pressure on Thursday and the EUR/USD pair was last seen losing 0.3% on the day at 1.0408. Meanwhile, Euro Stoxx 600 Index is down more than 2%, pointing to a risk-averse market environment.