⛽ Russia’s gas halt

…winter is coming as Russia turns off Europe’s gas taps [Disclosures](   Gazprom causes gas problems (NIKOLAY DOYCHINOV/ Getty Images)   Yesterday’s Market Moves   Dow Jones 31,145 (-0.55%) S&P 500 3,908 (-0.41%) Nasdaq 11,545 (-0.74%) Bitcoin $18,999 (-4.02%) Dow Jones 31,145 (-0.55%) S&P 500 3,908 (-0.41%) Nasdaq 11,545 (-0.74%) Bitcoin $18,999 (-4.02%) Hey Snackers, There must’ve been some red palms at the Venice Film Festival after a dark comedy starring Colin Farrell inspired a 13-minute [standing ovation](. We’ll never know how many people were looking around thinking “Can I stop clapping now?” Stocks dipped yesterday, while the VIX (aka Wall Street’s “fear gauge”) soared to its highest intraday value since mid-July, briefly hitting 27.80 as investors expected greater volatility. Putinflation Russia cut off gas flows to Europe, using energy as an economic weapon ahead of winter Winter is coming... Markets were shocked on Friday after Russia indefinitely shut down natural-gas flows to Europe. Kremlin-controlled Gazprom (the [biggest]( natural-gas company) halted gas supplies to Germany from the Nord Stream 1 pipeline, a key gas artery for Europe. It’s a worst-case scenario for Europe as it races to fill gas-storage facilities to keep homes warm this winter. - Russia blamed the halt on economic sanctions imposed by the West, saying they led to technical problems. Russia said flows would resume if sanctions were lifted. - Europe says Russia’s weaponizing energy to force the West to remove sanctions and punish it for supporting Ukraine. - Coincidence? The move came after the G7 agreed to impose a price cap on Russian oil and the Biden admin [asked]( Congress for $13.7B in extra aid for Ukraine. Putin-flation... Gas prices have been falling for months, but they [spiked]( after Russia turned off the taps (and the euro hit a 20-year low). Not helping: OPEC [agreed]( to cut oil production next month. Nord Stream is key for Europe and its largest economy, Germany. But ever since Russia invaded Ukraine, the EU’s had to wean itself off the pipeline. - Before the war: Russia was Europe’s largest energy supplier, with Nord Stream accounting for over half of Germany's gas imports. - Since the war began: Russia has dramatically cut gas flows to Europe. Before Friday’s news, Gazprom had already slashed Nord Stream flows to 20% of capacity. THE TAKEAWAY Energy is a powerful weapon… and it doesn’t have to be nuclear. By zapping Europe’s gas supply, Russia is attacking its economic heart. A winter shortage could tip Europe’s ailing economy into a full recession — and cause a collapse in energy trading. Fortunately, Europe’s gas-storage levels have surged ahead of targets, which could help it avoid having to ration. But consumers and the economy could take a major hit from record prices. What else we're Snackin' - [Interim]( [Bed Bath & Beyond]( named an interim CFO after the death of Gustavo Arnal on Friday. The struggling retailer is also looking for a permanent CEO and CMO. - [Doc]( [CVS]( agreed to buy techy home-health platform Signify for $8B (beating out [Amazon]( bringing it closer to its goal of being a one-stop healthcare shop. - [iVent]( How many more cameras can they add? [Apple’s]( expected to roll out the iPhone 14 today, at its first IRL product event since the pandemic began. Its 5G-capable phones have fueled record profits. - [Fine]( Ireland fined Instagram $400M for publishing kids' email addresses and phone numbers. It’s the second-largest data-protection fine Ireland’s given, as European privacy scrutiny heats up. - [Scored]( [Citi]( said next year it would pilot a program to issue credit cards to people without credit scores, joining [JPMorgan Chase]( and [Wells Fargo]( in a government-sponsored program to expand credit access. 🍪 Thanks for Snacking with us! Want to share the Snacks? Invite your friends to sign up [here](. Snack Fact Of the Day Liz Truss became the third female prime minister in British history yesterday [Read more]( Wednesday - Earnings expected from Nio, GameStop, and Asana Authors of this Snacks own shares of Apple, Amazon, AT&T, and CVS ID: 2412951 Robinhood Snacks newsletters reflect the opinions of only the authors who are associated persons of Robinhood Financial LLC (Member [SIPC]( and do not reflect the views of Robinhood Markets, Inc. or any of its subsidiaries or affiliates. 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