The energy shock seems further away. The promise of Vladimir Putin increasing Russian gas supplies to Europe has on the one hand almost halved the price of gas itself (from 160 euros per megawatt hour on Wednesday to 94 yesterday) and on the other has calmed the spirits on all financial markets. Translated into numbers: government bond yields fell everywhere (including the BTp-Bund spread from 108 on Wednesday to 104 yesterday) and the stock exchanges rebounded (Milan + 1.51%, Frankfurt +1 …
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