“Putin Has Pushed Europe Into An Inflationary Depression And Currency Collapse”

With US markets closed yesterday for Labor Day all the action was in Europe – and given that Nord Stream 1 had been shuttered and the European Commission had floated war economy style regulations, and Russia then made clear that unless sanctions on it are dropped, no gas will *ever* flow through Nord Stream 1 again, it was no wonder Eurostoxx were down and EUR dipped below 0.99 for the first time in 20 years, as the Dollar wrecking ball momentum continued. (Forcing China to slash banks’ FX reserve requirement ratios from 8% to 6%, which won’t do anything to stop the ongoing slide in CNY for long, sitting at 6.9340 at time of writing this morning in Asia.)