Europe

Germany's economy slows down

The composite business activity index declined to 46.9 from 48.1 a month earlier.

The main reason for the slowdown was a sharp rise in energy prices.

On top of that, supplies via the Server Stream have been halted due to equipment malfunctions. And gas prices may exceed $4,000 per thousand cubic meters this winter, according to Gazprom's forecasts.

The energy crisis could severely slow down the EU economy. With hawkish ECB policies and other factors, the EU economy could fall into recession.

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

Read next