EU Energy Summit in Focus

EU Energy Summit in Focus

European stock markets are expected to open with modest gains Friday, tracking an extended recovery on Wall Street, ahead of a key EU meeting to discuss plans to tackle the region’s energy crisis.

This positive close has helped the tone in Europe Friday, but gains are likely to be tentative ahead of the meeting of European Union energy ministers to discuss the 27-nation bloc’s response to the energy crisis, including potentially agreeing on the imposition of a price cap on gas imported from Russia.

Soaring gas prices are threatening to push some of the European countries heavily dependent on supplies from Russia into rationing as winter approaches, potentially shutting down industries and sending the region into recession.

New U.K. prime minister, Liz Truss, announced plans on Thursday to cap consumer energy bills for two years and prop up power companies, a move which could cost Britain about 150 billion pounds ($290 billion).

This comes the day after the European Central Bank raised interest rates by an unprecedented 75 basis points on Thursday, and pointed towards further increases in the months ahead to tame runaway inflation.

Additionally, U.S. Federal Reserve Chair Jerome Powell reiterated the central bank’s hawkish stance on Thursday, stating that strong action was needed to combat inflation.

Friday 9th September – High Impact Events

Times are GMT+3

  • All-Day – Europe – EU Economic Summit

Potential instruments to Trade: EUR Crosses. 

  • 15.30 – Canada – Employment Change & Unemployment Rate

Potential instruments to Trade: CAD Crosses. 

  • 19.00 – US – FOMC Member George & Waller Speaks

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