Europe

Even with 95% of Germany's gas reserves, there will only be enough gas for 2-1/2 months unless Russia resumes supplies, says Klaus Müller, President of the German Federal Network Agency

At the moment, Germany's natural gas storage facilities are 86 percent full.

Germany's dependence on Russian gas has a strong negative impact on the economy. Today the business activity data came out, which confirms these arguments.

Gas prices will potentially rise throughout the fall and winter season. This is a big positive for Gazprom. Gazprom may pay out record dividends this fall and next year as well.

ECB tries to save EU economy - central bank will be flexible in reinvesting PEPP program

The pandemic has left persistent vulnerabilities in the eurozone economy that contribute to the uneven normalization of our monetary policy among different countries, the ECB said. The ECB has instructed Eurosystem committees and ECB services to accelerate the development of a new mechanism to combat fragmentation. Why it matters. Rising

Price for oil price cap yet to be determined, head of European Commission

"The EU is ready in principle to go to the oil price cap," von der Leyen added. Earlier, the head of the U.S. Treasury Yellen said that the U.S. is not against the purchase of oil by India above the price cap. The WSJ also reported citing sources

U.S. officials forced to roll back plan to limit Russian oil prices - Bloomberg

India and China - Russia's most important trading partners - will not participate, Bloomberg sources said. The price cap plan is still alive after all. However, the price cap will be higher than previously thought. Earlier, U.S. Treasury Secretary Yellen said the price ceiling could be in the range

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