- On Monday, as the region's energy crisis grew worse, worries about a global economy already dealing with rising inflation and a wave of monetary tightening increased. As a result, European equity futures plunged and the Euro dropped.
- European futures fell 3%, and an Asian market index was down as well, with declines in China, Hong Kong, and Japan. Tech shares in these countries also fell as traders assessed the possibility of US investment restrictions. After the worst week for global shares since they fell to bear market lows in June, US contracts shook.
- The dollar held steady as currencies related to commodities joined the euro's decline. Before an OPEC+ meeting on supply and as investors considered the most recent changes to the energy sector, crude surged beyond $88 per barrel.
- After the group of seven leaders decided to enforce a price ceiling on Russian oil as the Kremlin continues its war in Ukraine, Gazprom this week once more shut down its important European gas pipeline indefinitely.
- European ministers will debate exceptional measures, such as gas price ceilings and the ban of trading in power futures, to control rising energy costs. Germany, which is most impacted by the shutdown of the Nord Stream pipeline, has unveiled a $65 bln consumer protection package.
- Due to the labour day holiday, which also closes the US stock market, no cash treasuries are traded. Australian bonds increased.
