5 events worth paying attention to today

1) Central American El Salvador, which has almost seven million inhabitants and whose territory is approximately the size of Moravia, was the first country in the world to introduce the cryptocurrency bitcoin as its official national currency (alongside the US dollar) before September 7. This was criticized by the International Monetary Fund, according to which the introduction of cryptocurrencies as legal tender poses a significant risk and threatens the global economy. Demonstrations took place in El Salvador last year due to the introduction of Bitcoin as legal tender. The Honduran central bank has refused to vouch for cryptocurrency transactions.

2) The wholesale price of gas for the European market is falling today, attention has focused on the high level of inventories in Europe. The price of the key gas futures contract for delivery in October at the Title Transfer Facility (TTF) virtual trading hub in the Netherlands lost roughly 12 percent to 217 euros (about 5,300 CZK) per megawatt hour (MWh) shortly after noon. However, it still remains many times higher than a year ago, when it hovered around 30 euros per MWh.

3) Incoming British Prime Minister Liz Trussová is going to support companies with an amount of 40 billion pounds (1.1 trillion CZK) to help them cope with the sharp rise in energy prices. The plan, which according to Bloomberg is close to being finalized, calls for either capping prices or reducing them by a set percentage.

4) A confidential document for the Russian government warns of the deep and lingering effects of Western sanctions on the Russian economy. It thus contrasts with the optimistic public statements of Russian officials. This is reported by the Bloomberg agency, which obtained access to a copy of this document. According to him, Russia is facing a sharp decline in production in key sectors and a large-scale brain drain.

5) Gazprom says that today it will send 42.4 million cubic meters of gas to Europe through Ukraine via the Suzh transit point, the same as the day before. The Nord Stream I gas pipeline remains closed.

Source: Investing.com, Bloomberg, Reuters, CTK

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