Natural gas prices in Europe soared on Tuesday after Germany confirmed that it
has suspended the process of certifying a controversial new Russian gas pipeline
called Nord Stream 2.
Inflation in the United Kingdom hit a new 40-year high last month, rising above 10% for the first time since 1982 and piling further pain on households already struggling to pay their bills.
The Bank of England said Wednesday it would buy UK government debt “on whatever scale is necessary” in an emergency intervention to halt a bond market crash that it warned could threaten financial stability.
There was good news and bad in Friday’s revised data about the UK economy. It grew — marginally — in the second quarter of the year, rather than shrinking as previously estimated.
Switzerland’s biggest bank, UBS, has agreed to buy its ailing rival Credit Suisse in an emergency rescue deal aimed at stemming financial market panic unleashed by the failure of two American banks earlier this month.
The US Federal Reserve and several other major central banks announced a coordinated effort Sunday night to boost the flow of US dollars through the global financial system with the aim of keeping credit flowing to households and businesses.
Solid economic growth in France and Spain, and a very modest recovery in Germany could be enough to confirm that the euro area has already exited a recession that started in the final quarter of 2022.
Indian billionaire Gautam Adani’s conglomerate has slammed what it described as “Soros-funded interests” after media outlets claimed the Adani Group had used complex and secretive offshore operations to boost its market value, citing documents obtained by a network of investigative journalists.