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The ongoing conflict between Russia and Ukraine is affecting the global economies. The war in Ukraine has caused the prices of all sorts of products to rise. Not just gas, oil and fuel, but also foodstuffs. The conflict is also pushing European countries towards recession.

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On Monday, the dollar rose and US and European markets plummeted as concerns grew that efforts by central banks to rein in increasing consumer prices through inflation-busting interest rate hikes would undermine the world economy and trigger a recession.&nbsp;

The benchmark European STOXX index closed down 1%, and each of the three major Wall Street indices fell roughly 2% as a result of Russia's Gazprom announcing that it would stop supplying natural gas to Europe for three days at the end of the month.

As traders feared demand would be harmed by a slowdown, oil initially dropped 4%. Following hawkish indications from European Central Bank policymakers, the most recent disruption to the continent's energy supply heightened worries about the future of the continent's economy. Russian natural gas exports to Europe have decreased by over 75% since last year.&nbsp;

As the market prepared for a speech on Friday from Federal Reserve Chair Jerome Powell, who will address the Fed's goal to keep inflation low in Jackson Hole, Wyoming, the inversion of the yield curve on U.S. Treasuries widened—a recession indication.

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The Canadian dollar was pushed over 1.30 versus the dollar as a result of the strengthening of the dollar, which also caused the euro to go below parity at 0.9932. Gold prices dropped to their lowest point in over four weeks as a result of the dollar's surge.&nbsp;

Instead of the larger likelihood of a modest 50 basis point boost, which was the market's estimate heading into the weekend, Fed funds futures are now pricing in a 54.5% chance of a 75 basis point hike by the Fed in September.&nbsp;

China stands out as an exception to the tightening trend, as the central bank cut certain key lending rates on Monday by 5 to 15 basis points in an effort to stabilise a faltering economy and a pressured property market.

(with inputs from agencies) 
&nbsp;

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On Monday, the dollar rose and US and European markets plummeted as concerns grew that efforts by central banks to rein in increasing consumer prices through inflation-busting interest rate hikes would undermine the world economy and trigger a recession.

On Monday, the dollar rose and US and European markets plummeted as concerns grew that efforts by central banks to rein in increasing consumer prices through inflation-busting interest rate hikes would undermine the world economy and trigger a recession. The benchmark European STOXX index closed down 1%, and each of the three major Wall Street indices fell roughly 2% as a result of Russia's Gazprom announcing that it would stop supplying natural gas to Europe for three days at the end of the month. As traders feared demand would be harmed by a slowdown, oil initially dropped 4%. Following hawkish indications from European Central Bank policymakers, the most recent disruption to the continent's energy supply heightened worries about the future of the continent's economy. Russian natural gas exports to Europe have decreased by over 75% since last year. As the market prepared for a speech on Friday from Federal Reserve Chair Jerome Powell, who will address the Fed's goal to keep inflation low in Jackson Hole, Wyoming, the inversion of the yield curve on U.S. Treasuries widened—a recession indication. Also Read: In pics: NASA's gigantic SLS moon rocket, a 'practice' for future Mars mission The Canadian dollar was pushed over 1.30 versus the dollar as a result of the strengthening of the dollar, which also caused the euro to go below parity at 0.9932. Gold prices dropped to their lowest point in over four weeks as a result of the dollar's surge. Instead of the larger likelihood of a modest 50 basis point boost, which was the market's estimate heading into the weekend, Fed funds futures are now pricing in a 54.5% chance of a 75 basis point hike by the Fed in September. China stands out as an exception to the tightening trend, as the central bank cut certain key lending rates on Monday by 5 to 15 basis points in an effort to stabilise a faltering economy and a pressured property market. (with inputs from agencies)

Shares tumble, dollar advances as inflation-busting interest rate hikes trigger recession

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Adding to the easing measures announced last week, China has cut its benchmark lending rates today. Beijing is stepping up its efforts to spur credit demand in an economy that's been hobbled by a property crisis and also a resurgence of covid-19 infections.

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In the aftermath of Russia's move to shut a major pipeline, prices of European gas surged 20 per cent, Bloomberg reported. It caused fears that the move will lead to a prolonged supply halt.&nbsp;

The report mentioned that benchmark futures rose toward 300 euros a megawatt hour. The electricity and coal prices also surge to fresh records.&nbsp;

The recent developments show that the Europeans are preparing for a difficult winter without gas supplies from Russia. It is part of the fallout from the war in Ukraine, which started after Russia announced the invasion of its neighbouring country on February 24.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/world/darya-duginas-father-describes-her-death-as-terrorist-act-by-ukrainian-nazi-regime-509218">Darya Dugina's father describes her death as 'terrorist act by Ukrainian nazi regime'</a>&nbsp;

In the report, it is mentioned that the key Nord Stream pipeline will stop for three days of maintenance on August 31. This has raised concerns that the link won't return to service as planned after the works.&nbsp;

This comes after Bulgaria announced that it will seek talks with Russian energy giant Gazprom to resume deliveries of natural gas ahead of the winter season.&nbsp;

The deliveries were cut by Gazprom to Bulgaria in late April after the EU member's previous centrist government refused to pay in rubles.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/world/ukraine-bans-independence-day-celebrations-as-russia-launches-rockets-at-locations-near-nuclear-plant-509110">Ukraine bans&nbsp;Independence day celebrations as Russia launches rockets at locations near nuclear plant</a>&nbsp;

Ever since the supplies were cut, the nation, which is almost totally dependent on Russia for its annual consumption of 3.0 billion cubic metres of natural gas, had been looking for alternative deliveries.&nbsp;

Meanwhile, German Chancellor Olaf Scholz met Canadian Prime Minister Justin Trudeau on Monday (August 22) at the start of a two-day trip. During this crucial trip, the two leaders are expected to discuss energy cooperation.&nbsp;

Notable, Ukraine is at odds with Germany over its gas imports policy.&nbsp;

Especially regarding the deal with Moscow to build the Nord Stream 2 pipeline and also the deal with Canada to get a repaired turbine for the Nord Stream 1 delivered back to Germany.&nbsp;

(With inputs from agencies)&nbsp;

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In the aftermath of Russia's move to shut a major pipeline, prices of European gas surged 20 per cent, Bloomberg reported. It caused fears that the move will lead to a prolonged supply halt.

In the aftermath of Russia's move to shut a major pipeline, prices of European gas surged 20 per cent, Bloomberg reported. It caused fears that the move will lead to a prolonged supply halt. The report mentioned that benchmark futures rose toward 300 euros a megawatt hour. The electricity and coal prices also surge to fresh records. The recent developments show that the Europeans are preparing for a difficult winter without gas supplies from Russia. It is part of the fallout from the war in Ukraine, which started after Russia announced the invasion of its neighbouring country on February 24. ALSO READ | Darya Dugina's father describes her death as 'terrorist act by Ukrainian nazi regime' In the report, it is mentioned that the key Nord Stream pipeline will stop for three days of maintenance on August 31. This has raised concerns that the link won't return to service as planned after the works. This comes after Bulgaria announced that it will seek talks with Russian energy giant Gazprom to resume deliveries of natural gas ahead of the winter season. The deliveries were cut by Gazprom to Bulgaria in late April after the EU member's previous centrist government refused to pay in rubles. ALSO READ | Ukraine bans Independence day celebrations as Russia launches rockets at locations near nuclear plant Ever since the supplies were cut, the nation, which is almost totally dependent on Russia for its annual consumption of 3.0 billion cubic metres of natural gas, had been looking for alternative deliveries. Meanwhile, German Chancellor Olaf Scholz met Canadian Prime Minister Justin Trudeau on Monday (August 22) at the start of a two-day trip. During this crucial trip, the two leaders are expected to discuss energy cooperation. Notable, Ukraine is at odds with Germany over its gas imports policy. Especially regarding the deal with Moscow to build the Nord Stream 2 pipeline and also the deal with Canada to get a repaired turbine for the Nord Stream 1 delivered back to Germany. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

European gas prices surge 20% as Russia's latest move causes supply fears: Report

Australia looks to give a new push to the electric cars. An Australian bank plans to stop giving loans for new diesel and gasoline cars as a way to encourage sales of cars that run on alternate fuel.

Australia pushes for EVs; no loans from Bank Australia for new diesel, petrol cars

Volkswagen's sportscar brand Porsche expects to produce as many units of its Macan model in the electric version as the original with combustion engine.

Porsche expects to make as many electric Macans as combustion versions

Apple supplier Foxconn is eyeing to diversify its production, it has signed a $300 million memorandum of understanding (MoU) with Vietnamese developer Kinh Bac City to expand its facility in the north of the country.

Apple supplier Foxconn to invest $300 million in northern Vietnam

Ford Motors has confirmed that it is going ahead with layoffs, a move that was being speculated for a long time. The decision will affect about 3,000 jobs in the US, Canada and India, including salaried and contractual employees. It has also started notifying workers about the same through internal e-mail, The Wall Street Journal reported Monday. Ford had&nbsp;reportedly been planning to layoff employees as it is moving ahead with its plans to focus on electric vehicles.&nbsp;

During the company’s second-quarter earnings call, Chief Executive Jim Farley had hinted at the job cuts. Bloomberg had also reported in July that Ford could cut up to 8,000 jobs.

Also Read |&nbsp;<a href="https://www.wionews.com/india-news/in-electric-vehicle-push-fords-closed-factories-in-india-may-be-reopened-report-470522">In electric vehicle push, Ford's closed factories in India may be reopened: Report</a>

Earlier in March, the automaker had announced the decision to split itself into two businesses and “go all in” on electric vehicles. One of its auto businesses will focus on electric vehicles, dubbed Ford Model e, while the other will work on internal combustion engines, called Ford Blue.&nbsp;

Chief Executive Farley had said, "Ford is going all in, creating separate but complementary businesses that give us startup speed and unbridled innovation in Ford Model e together with Ford Blue’s industrial know-how, volume and iconic brands like Bronco, that startups can only dream about." 
&nbsp;

(With inputs from agencies)

&nbsp;

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Ford Motors has confirmed that it is going ahead with layoffs, a move that was being speculated for a long time. The decision will affect about 3,000 jobs in the US, Canada and India, including salaried and contractual employees.

Ford Motors has confirmed that it is going ahead with layoffs, a move that was being speculated for a long time. The decision will affect about 3,000 jobs in the US, Canada and India, including salaried and contractual employees. It has also started notifying workers about the same through internal e-mail, The Wall Street Journal reported Monday. Ford had reportedly been planning to layoff employees as it is moving ahead with its plans to focus on electric vehicles. During the company’s second-quarter earnings call, Chief Executive Jim Farley had hinted at the job cuts. Bloomberg had also reported in July that Ford could cut up to 8,000 jobs. Also Read | In electric vehicle push, Ford's closed factories in India may be reopened: Report Earlier in March, the automaker had announced the decision to split itself into two businesses and “go all in” on electric vehicles. One of its auto businesses will focus on electric vehicles, dubbed Ford Model e, while the other will work on internal combustion engines, called Ford Blue. Chief Executive Farley had said, "Ford is going all in, creating separate but complementary businesses that give us startup speed and unbridled innovation in Ford Model e together with Ford Blue’s industrial know-how, volume and iconic brands like Bronco, that startups can only dream about." (With inputs from agencies)

Ford confirms it will layoff about 3,000 employees globally amid restructuring

The stock exchange in Iranian capital Tehran has suspended country's largest steel-maker from trading. The move followed a parliamentary report that made allegations to the tune of USD 3 billion, as per the local media.&nbsp;

Trading of the Mobarakeh Steel Company's stocks has been suspended "due to uncertainties about the transparency of information", said the Tehran bourse's chief executive Mahmoud Goudarzi, quoted by the Fars news agency.

According to the news report, the trading in the company will not resume "until the necessary information is clearly obtained".

Mobarakeh Steel Company is located in central Isfahan province of Iran. The company plays a major role in Iran's economy. It even owns a local football team Sepahan. The company, along with several of its subsidiaries are subject to sanctions imposed by the US.

The decision to suspend stock trading of the company came after a 295-page parliamentary report was released, the report has alleged widespread corruption among senior management of the company.

The report accuses the company of 90 counts of wrongdoings including fraud and influence-peddling, amounting to a total of around $3 billion, Fars said.

According to the parliamentary report, which was published by several local media outlets, the firm paid huge sums of money to officials at government institutions and other influential bodies.

They included figures at the intelligence and industry ministries and provincial governors' offices, as well as the judiciary, the police, state broadcaster IRIB, members of parliament and clerics.

(With inputs from agencies)

You can now write for wionews.com and be a part of the community. Share your stories and opinions with us <a href="https://www.wionews.com/content-contribution-registration-form">here</a>.

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The stock exchange in Iranian capital Tehran has suspended country's largest steel-maker from trading. The move followed a parliamentary report that made allegations to the tune of USD 3 billion, as per the local media.

The stock exchange in Iranian capital Tehran has suspended country's largest steel-maker from trading. The move followed a parliamentary report that made allegations to the tune of USD 3 billion, as per the local media. Trading of the Mobarakeh Steel Company's stocks has been suspended "due to uncertainties about the transparency of information", said the Tehran bourse's chief executive Mahmoud Goudarzi, quoted by the Fars news agency. According to the news report, the trading in the company will not resume "until the necessary information is clearly obtained". Mobarakeh Steel Company is located in central Isfahan province of Iran. The company plays a major role in Iran's economy. It even owns a local football team Sepahan. The company, along with several of its subsidiaries are subject to sanctions imposed by the US. The decision to suspend stock trading of the company came after a 295-page parliamentary report was released, the report has alleged widespread corruption among senior management of the company. The report accuses the company of 90 counts of wrongdoings including fraud and influence-peddling, amounting to a total of around $3 billion, Fars said. According to the parliamentary report, which was published by several local media outlets, the firm paid huge sums of money to officials at government institutions and other influential bodies. They included figures at the intelligence and industry ministries and provincial governors' offices, as well as the judiciary, the police, state broadcaster IRIB, members of parliament and clerics. (With inputs from agencies) You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. WATCH WION LIVE HERE ×

Stock trade in Iran's largest steel-maker suspended from Tehran exchange

Amid rising fuel prices and widening trade deficit, Japan's core consumer price index (CPI) has risen to over seven-year high in July.

Japan inflation hits over 7-year high

The operator of Dubai International Airport has said the middle east hub could see monthly passenger traffic return to pre-pandemic levels in the other part of the next year.

Dubai airport: Pre-pandemic traffic in 2023

When it comes to technology adaption, Indian airports have ambitious plans. In the latest, the country has rolled out facial recognition systems for passenger verification at airports including Bengaluru and Delhi airports.

Facial recognition technology to be used at Indian airports

Chinese car manufacturer Chery is in talks with Russian manufacturers about producing cars in Russian plants, citing Vladimir Shmakov, director of Chery's Russian branch.

China's Chery in talks to produce cars in Russian plants

Central bank FED has hiked interest rates in succession but now the minutes of last month's policy meetings show that there is little evidence that US inflation pressures were easing and settled.

Fed minutes show more rate hikes in the pipeline, but pace could slow

Global banks and rating agencies Goldman Sachs and Nomura have cut down forecasts for economy of China, they have further downgraded their forecast for world's second largest economy with a power shortage making outlook in China even more uncertain.

Goldman Sachs, Nomura cut China GDP forecasts