European gas prices surged, share prices slid and the euro sank on Monday after Russia stopped pumping gas to Europe via a major supply route, sending a new tsunami through the European Union economy that has yet to recover from the COVID-19 pandemic.
The euro sank below $0.99 to a new 20-year low on Monday after Russia's halt to gas supplies down its main pipeline to Europe heightened fears about a deepening energy crisis across the region.
China's central bank said on Monday it will cut the amount of foreign exchange reserves that financial institutions must hold, a move seen as aimed at slowing the yuan's recent depreciation.
The euro zone is almost certainly entering a recession, with surveys on Monday showing a deepening cost of living crisis and a gloomy outlook that is keeping consumers wary of spending.
European gas prices rocketed as much as 30% higher on Monday after Russia said one of its main gas supply pipelines to Europe would stay shut indefinitely, stoking renewed fears about shortages and gas rationing in the European Union this winter.
Georgia's former prime minister Bidzina Ivanishvili alleged on Monday a trust unit of Credit Suisse had failed to take steps to prevent him from losing $1.27 billion, as a Singapore court started to hear evidence in the case.
The appointment of Societe Generale's boss Frederic Oudea as non-executive chairman of Sanofi will be proposed at the next shareholders meeting of the French drugs group, Sanofi said on Monday.
Woes in China's residential property market are expected to deepen this year as homebuyers remain cautious, with economists now expecting home prices to fall in 2022 and betting on a faster drop in property sales than previously forecast.
Euro zone business activity contracted for a second month in August as demand sank, with customers wary of the deepening cost of living crisis and gloomy economic outlook curtailing their purchases, a survey showed.
Hong Kong's High Court approved on Monday an application by China Evergrande Group and its major offshore credit group to adjourn a winding-up petition against it to Nov. 7.
