Germany ‘on brink of recession’; Gazprom to cut gas deliveries to Europe – as it happened

Fears of gas shortages drive German business confidence to two-year low, as Gazprom prepares to cut gas supplies to Europe via Nord Stream 1

A European Central Bank policymaker has signalled that further large interest rate rises may be coming, after it surprised markets with a larger-than-expected hike last week.

Martins Kazaks has told Bloomberg that a further quite significant' increase to rates may be needed in September, on top of the 50-basis point rise agreed at July's meeting.

I would not say that this was the only front-loading,

I would say that the rate increase in September also needs to be quite significant."