5 events worth paying attention to today

1) The inflation rate in Turkey rose to 80.2 percent in August and is the highest since September 1998. In addition to energy prices, prices for transport, household equipment and food contributed to the growth. The Turkish Statistical Office announced this in its report today. A year ago, inflation was just under 20 percent.

2) The wholesale price of gas for the European market is increasing significantly today, thus reacting to the interruption of supplies by the Nord Stream 1 gas pipeline from Russia. The price of the key gas futures contract for October delivery in the Title Transfer Facility (TTF) virtual trading hub in the Netherlands gained around 30 percent in the morning. Later, its growth moderated, around 08:30 SELČ it showed an increase of roughly 20 percent to 257 euros (about 6300 CZK) per megawatt hour (MWh).

3) European shares started the week with a significant drop, thus reacting to the interruption of gas supplies through the Nord Stream 1 pipeline from Russia. The pan-European stock index STOXX Europe 600 lost 1.6 percent shortly after the start of trading and fell below 410 points. The DAX index of the Frankfurt Stock Exchange depreciated up to three percent to roughly 12,660 points.

4) The shares of Nidec, SMC and Hoya will be added to the Nikkei 225 index at the turn of September and October as part of the rebalancing. The shares of Unitika, Oki Electric and Maruha Nichiro will be excluded.

5) In September, investor confidence in the eurozone economy reached its lowest level since May 2020. Sentix’s confidence index fell to minus 31.8 points from minus 25.2 points in August. An economic recession in the Eurozone thus seems almost inevitable, analysts believe.

Source: Investing.com, Bloomberg, Reuters, CTK

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