NAB – The Morning Call · Russia turns off gas for Poland and Bulgaria
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Russia turns off gas for Poland and Bulgaria

Wednesday 27th April 2022

Big market moves today, with US shares plummeting, bond yields also falling, and commodity prices rising sharply. European gas prices shot up on the news that Russia intends to turn off gas supplies to Poland and Bulgaria almost immediately, for not paying in Roubles. Whilst Europe debates whether they should ban buying Russian gas, perhaps the decision will be made for them. NAB’s Ray Attrill says recession fears on a global scale are also impacting sentiment, particularly as the war in Ukraine is clearly with us for some time, and China’s lockdown fears. Today, Australia’s CPI will be the numbers to watch. Could they rise enough to drive the RBA to a rise as soon as next week?

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