What happened last week

Monday: Ukraine’s army reclaimed some of the lost Eastern territories as part of its counteroffensive operation. The G7 confirmed its plan to impose a price cap on Russian oil, despite Russia’s warning that it would not supply any oil nor gas to countries adopting the cap. Germany reported its lowest current account balance in 15 years (5bn in August vs 14bn in July).

Tuesday: UK job claimant count increased for the first time since March 2021 (+6.3k vs -13.2k expected for August). Average UK earnings ex-bonus grew +5.2% YoY (vs 5% expected). Germany August CPI +7.9% YoY (as expected). Spanish August CPI +10.5% YoY (vs 10.4% expected). German ZEW Economic Sentiment Index, which gauges the six-month...