5 events worth paying attention to today

1) The inflation rate in the Eurozone broke another record in August. The year-on-year growth rate of consumer prices accelerated to 9.1 percent from July’s 8.9 percent. In its quick estimate, the European statistical office Eurostat announced this today. High inflation is primarily due to the continuing sharp rise in energy prices. The preliminary estimate does not include data for the entire European Union.

2) Early this morning, Russia cut gas supplies through the Nord Stream 1 pipeline, which is the main route for transporting Russian natural gas to the European Union. The announced shutdown is expected to last until Saturday morning. Russian gas company Gazprom said about two weeks ago that the only remaining compressor station needed maintenance. The halt in supplies of the raw material thus escalated the economic war between the EU and Russia, Reuters reported.

3) The inflation rate in Poland increased by half a percentage point to 16.1 percent in August. The Polish Statistical Office stated this in its preliminary report today. The result is surprising for the market, because analysts had expected a drop in inflation, even if only moderate, by roughly one to two tenths of a percentage point.

4) Shares of Bed Bath & Beyond fell 21 percent in the premarket after the company filed a filing (Form S-3) used to raise capital. She did not specify the number of shares.

5) The unemployment rate in Germany increased in August compared to the previous month by 0.2 percentage points to 5.6 percent. The head of the Federal Labor Office, Andrea Nahlesová, announced this at a press conference today. She noted that the significant increase in unemployment was caused by the registration of Ukrainian war refugees and that the German labor market is strong despite the current difficulties.

Source: Investing.com, Bloomberg, Reuters, CTK

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