Europe’s energy market is facing renewed pressure as gas prices surge amid an intense global LNG competition. European LNG futures climbed to around 62 euros per megawatt-hour, reaching their highest level since earlier market turbulence triggered by the Iran-Israel conflict. Prices have jumped nearly 50% from June levels, when they were trading in the 40–42 euro range.

Economic gloom hits UK's Gen Z | World Business Watch 

Fitch Ratings has lowered the GDP forecasts for all the major economies citing high inflation, the European gas crisis&nbsp;and a sharp acceleration in the pace of global monetary policy tightening.&nbsp;

The world is now expected to grow at 2.4 per cent for the current year from the earlier projection of 2.9 per cent, according to Fitch's Global Economic Outlook.

For India, Fitch expects it to now grow at 7 per cent from earlier 7.8 per cent in 2022-23, with the growth expected to slow further to 6.7 per cent from 7.4 per cent projected before in 2023-24.&nbsp;

"The eurozone and UK are now expected to enter recession later this year and Fitch forecasts that the US will suffer a mild recession in mid-2023,” Fitch said in its latest global economic outlook.&nbsp;

Pointing out that India's 13 per cent growth in April to June quarter was below its expectation of an 18 per cent rise, Fitch in its report said, “Seasonally adjusted estimates show a 3.3 per cent quarter on quarter decline though this seems to be at odds with high-frequency indicators.”&nbsp;

It, however, cited improvements in Purchasing Manager Indices and industrial growth through the quarter. &nbsp;&nbsp;

“The manufacturing PMI index also recovered strongly in July and remained upbeat in August, with the Reserve Bank of India (RBI) saying that “domestic activity remains resilient.”&nbsp;

"Nevertheless, we expect the economy to slow down given the global economic backdrop, elevated inflation and tighter monetary policy,” the agency said.

The firm has cautioned that the risk of food inflation persists despite India registering a modest rise in August.

“Core inflation, which excludes food, fuel and light, remained elevated at 6% while inflation expectations have also stayed high. The RBI’s latest survey of household inflation expectations eased in July, but expectations are still far above pre-pandemic levels,” it said.

“Destabilising inflation expectations could risk triggering second-round effects, according to the minutes of the RBI’s August policy meeting. While the RBI expects monthly inflation data to be volatile in the near term, its expectation is for the consumer price inflation to ease towards the end of the year,” the agency added.&nbsp;

WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

Fitch Ratings has lowered the GDP forecasts for all the major economies citing high inflation, the European gas crisis and a sharp acceleration in the pace of global monetary policy tightening.

Fitch Ratings has lowered the GDP forecasts for all the major economies citing high inflation, the European gas crisis and a sharp acceleration in the pace of global monetary policy tightening. The world is now expected to grow at 2.4 per cent for the current year from the earlier projection of 2.9 per cent, according to Fitch's Global Economic Outlook. For India, Fitch expects it to now grow at 7 per cent from earlier 7.8 per cent in 2022-23, with the growth expected to slow further to 6.7 per cent from 7.4 per cent projected before in 2023-24. "The eurozone and UK are now expected to enter recession later this year and Fitch forecasts that the US will suffer a mild recession in mid-2023,” Fitch said in its latest global economic outlook. Pointing out that India's 13 per cent growth in April to June quarter was below its expectation of an 18 per cent rise, Fitch in its report said, “Seasonally adjusted estimates show a 3.3 per cent quarter on quarter decline though this seems to be at odds with high-frequency indicators.” It, however, cited improvements in Purchasing Manager Indices and industrial growth through the quarter. “The manufacturing PMI index also recovered strongly in July and remained upbeat in August, with the Reserve Bank of India (RBI) saying that “domestic activity remains resilient.” "Nevertheless, we expect the economy to slow down given the global economic backdrop, elevated inflation and tighter monetary policy,” the agency said. The firm has cautioned that the risk of food inflation persists despite India registering a modest rise in August. “Core inflation, which excludes food, fuel and light, remained elevated at 6% while inflation expectations have also stayed high. The RBI’s latest survey of household inflation expectations eased in July, but expectations are still far above pre-pandemic levels,” it said. “Destabilising inflation expectations could risk triggering second-round effects, according to the minutes of the RBI’s August policy meeting. While the RBI expects monthly inflation data to be volatile in the near term, its expectation is for the consumer price inflation to ease towards the end of the year,” the agency added. WATCH WION LIVE HERE

Fitch lowers world's growth forecast, slashes India's GDP rise to 7% for 2022-23

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;

WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" loading="”lazy”" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

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>.

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

european-gas-prices

European Gas Prices, News on European Gas Prices, stories on European Gas Prices, articles on European Gas Prices, European Gas Prices stories at Wion, European Gas Prices news, European Gas Prices latest news

european gas-prices

Economic gloom hits UK's Gen Z | World Business Watch

Fitch lowers world's growth forecast, slashes India's GDP rise to 7% for 2022-23

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