Russia's Gazprom declares force majeure on some gas supplies to Europe

UBS economists laid out a detailed vision of what they see happening if Russia halts gas deliveries to Europe:

It would reduce corporate earnings by more than 15%. The market selloff would exceed 20% in the Stoxx 600 and the euro would drop to 90 cents. The rush for safe assets would drive benchmark German bund yields to 0%, they wrote.

From a different article. IMO that is being generous. Germany will have to take more than a quarter of its industry offline if they have any hope at surviving the winter.

It's interesting how the headline keeps changing