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The fall of the economy of Ukraine was 37%
The economy of Ukraine suffered a devastating 37% decline in the second quarter. The April-June decline in GDP followed a decrease of 15% in the first quarter. The war with Russia harmed the nation's exports and caused industries to shut down. Several indicators showed positive signs throughout August, and grain shipments began to depart the country's Black Sea ports, heading in the direction of nations in the European Union.
European Central Bank to lift the cap on interest rates
After the European Central Bank announced that it would remove a cap on how much interest government deposits can earn in conjunction with raising rates above 0% for the first time in a decade, OpenEurope's bonds experienced a downward trend. Because of this, there is less incentive to move billions of euros of public money from cash into short-term debt, resulting in a selloff that sent the yield on two-year German bonds up 23 basis points to 1.33%. A widening in the so-called asset-swap gap between two-year German debt and similar interest-rate swaps is reversed due to this move. The ceiling of 0% was set to appease worries over the possibility of monetary financing and to encourage governments to post deposits on the market. The increase in interest rates was unsuccessful in providing support for the euro, and it fell below parity with the dollar.
The European Central Bank (ECB) stated that their action was taken on Thursday “front-loads” the shift away from their excessively accommodating rate policy. Money market traders are now pricing an increase of 60 basis points in new rates for the ECB's meeting in October. The probability of yet another expansion of three-quarters of an issue is forty percent.
How Europe is coping with the energy crisis
To avert the current gas shortage from escalating into a full-blown financial disaster, the governments of Europe are putting up vast safety nets for the energy sector. The United Kingdom and Denmark were quick to follow suit after the United Kingdom's establishment of a £40 billion ($46 billion) fund to supply energy dealers with liquidity during periods of significant margin calls. The first countries to take action were Sweden and Finland over the weekend. It is anticipated that similar measures will be on the table when European energy ministers meet on Friday. The government of Denmark will reduce the amount of energy used in its public buildings, and it has pushed Danes to minimize the amount of gas and electricity they use.
To meet the goal set by Prime Minister Liz Truss to make the United Kingdom a net exporter of energy by the year 2040, the whole sector will need to undergo significant change. To alleviate an energy shortage that is affecting China's economy, the country China intends to construct a more substantial number of new coal-fired power plants than had been anticipated. The European Central Bank raised interest rates by 75 basis points and indicated that it expects more rate hikes at the meetings that will take place in the coming months. According to Gas Infrastructure Europe, the amount of natural gas stored in the nation increased for the week ending September 6 to 212.6 terawatt-hours, making it 87% full. One of Germany's top gas importers, VNG AG, has said that it can no longer keep up with the current energy demand.
To mitigate the effects of rising natural gas prices on the cost of energy, the United Kingdom is providing current renewable and nuclear power providers with so-called contracts for difference. Truss has announced a new energy price guarantee for the United Kingdom, which will begin on October 1 and ensure that family energy costs do not exceed £2,500 on average. From a peak that the Bank of England estimates might be more than 13%, the government has stated that it will cut inflation by between 4 and 5 percentage points. The government of Sweden has suggested a strategy to encourage utility companies that wish to allow customers to pay their monthly power bills in installments. In January, Spain will revive its dormant liquefied natural gas import facility known as El Musel, with the possibility that the fuel may be shipped to Germany.
It is anticipated that the UK will announce the awarding of additional oil and gas exploration licenses for the North Sea. Hungary plans to institute incentives for energy-intensive businesses to avert a loss of employment opportunities. As part of its effort to conserve energy, the city of Zurich will lower the temperature of the water in its indoor swimming pools. As tensions with Russia continue to rise, China is taking advantage of the situation by buying up cargoes of liquefied natural gas from Russia, which most other importers do not want. In the expectation that policymakers will attempt to reign in an unprecedented energy crisis, prices for natural gas in Europe have fallen to their lowest level in a month.
Germany has committed to assisting businesses that the current energy crisis has impacted. They want to expand an existing assistance program that helps enterprises affected by rising expenses. LNG ships have stored the most significant amount of liquefied natural gas at sea in the past two years.