In this week’s recap, the global markets continued mostly lower, but Russia went up +8.92%. Russia also cut off the gas to Germany. 40% of the Chinese economy (real estate) started to collapse, as China’s housing volume sales went down 30%. Inflation continues to rise. Not a great week for the economic world.
Europe is having an exorbitant rise in energy prices, forcing Europe’s steelmakers to close plants. A cafe was charged nearly USD 10k for two months of usage. The UK announced an 80% hike in gas and electric bills before winter. For 1st time since French records began in 2012 as became a power importer, production of nuclear energy hit a 30-year low.
The ECB reaffirms that it must act more aggressively to curb inflation even if that means dragging member states’ economies into recession. Goldman Sachs warns U.K. inflation could soar +22% in 2023 if energy prices continue an upward spiral.
WhatsApp banned 2.39M Indian accounts in July; SpaceX now launching Starlink satellites every 5 days; Argentina’s vice-pres Cristina Fernández de Kirchner narrowly avoided an “assassination attempt” after a gunman’s weapon jammed as he aimed at her; Indian billionaire Gautam Adani is the 1st ever Asian man to crack top 3 richest men; Pakistan’s gov’t is appealing for international help to tackle a flooding emergency; Nvidia stock hit 52-week low on Thursday.