• Meanwhile in markets, the mood is still to sell everything because of what one could dub the five horsemen of the apocalypse: recession fears; inflation; the energy crisis ; tighter central bank policy; and social and political strife. All five ‘horsemen’ have been themes in the Morning Notes for some time. Today is a case in point: Europe is preparing for a hard long winter. With the EU leaders likely to agree on Ukraine’s candidate membership at Thursday’s summit, the Kremlin decided to squeeze the Europeans by gradually closing the gas taps. A Bloomberg article mentions that within months gas rationing could start. The article also points out that not even during the Cold War did the Kremlin use energy as (such a) weapon.


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