Stock Markets Today: Energy Woes, UK Civil Service, Wealth Tax, Zara Deals – Bloomberg

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Europe’s energy crisis worsens, UK civil service shake-up flagged, Singapore’s wealthy may pay more taxes, and Zara family diversifies investments. Here’s what people are talking about. 
European power prices jumped to a fresh record as natural gas extended gains, deepening the energy crunch that’s threatening to plunge the region into a recession. Next-year electricity rates in Germany advanced as much as 3.7% to 477.50 euros ($487) a megawatt-hour on the European Energy Exchange. That’s almost six times as much as this time last year, with the price doubling in the past two months alone. Day-ahead prices in Germany and the UK also set records Monday, an indicator of high demand for cooling. It’s so bad that Germany’s households will face additional annual costs of about 290 euros ($296) to pay for natural gas as the burden of Russia’s squeeze on energy flows to Europe is redistributed.


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