Australian shares are set to open lower, following New York’s sell-off on rising US/China tensions. US rates are set to keep rising fast. Follow updates here.
Difficult summer conditions including extreme heat and drought drove European electricity prices to new highs, flashing a warning of an even more challenging winter.
“There have been a lot of risks for Europe securing adequate fuel supplies ahead of winter,” said Natalie Biggs, global head of thermal-coal markets at energy consulting firm Wood Mackenzie. Gas is potentially an unreliable source of energy if Russia makes further supply cuts, while low water levels along the Rhine represent a risk for coal, she said.
Temperatures are expected to peak at about 40 degrees Celsius in the south of the France on Wednesday.
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