US Business

A month after he snubbed Joe Biden’s Americas summit, Mexican President Andres Manuel Lopez Obrador sat down with his US counterpart Tuesday at the White House, amid rising tensions over migration.

Biden underscored the need to address “migration as a shared hemispheric challenge” in remarks ahead of the meeting, describing long-time ally and neighbor Mexico as an “equal partner.”

He said his administration was expanding legal pathways for work in the United States from Mexico and Central America, citing “a record” 300,000 temporary work visas issued for Mexican workers last year.

And he thanked Lopez Obrador for “stepping up” and issuing visas for Central American migrants in Mexico.

The Mexican president called for a “bold program” to tackle migration issues, calling on the United States — facing a labor shortage — to allow more skilled Mexican and Central American laborers into the country “to support” the work force.

“It is indispensable for us to regularize and give certainty to migrants who for years have lived and worked in a very honest manner and are also contributing to the development of this great nation,” he said.

Lopez Obrador acknowledged likely pushback from US Republican politicians, who frequently claim Biden has left the southern US border unprotected against unauthorized crossings.

Tuesday’s talks also touched on security and economic cooperation, including the need to invest in development projects in Central America to deter people from leaving.

The two countries agreed last year to overhaul their fight against drug trafficking to address root causes of migration, and to step up efforts to curb cross-border arms smuggling.

Human trafficking was also center stage following the death late last month of more than 50 migrants — many of them Mexicans — abandoned in a scorching hot trailer in San Antonio, Texas.

Biden touched on the tragedy, saying the United States is working to slow human smuggling and ramping up efforts to stop illegal drug trafficking.

Amid soaring inflation on both sides of the border, Lopez Obrador said he’d suggested suspending tariffs and regulations to “lower prices for consumers in both our countries.”

He also floated a joint public-private investment plan to produce more goods.

The visit was Lopez Obrador’s second to the White House since Biden took office last year, despite a sometimes tense relationship with his US counterpart.

Lopez Obrador boycotted in June the Summit of the Americas hosted in Los Angeles — where migration was again a key subject — over Biden’s refusal to invite Cuba, Venezuela and Nicaragua.

Biden said Tuesday “overhyped headlines” mischaracterized “a strong, productive relationship” between the two leaders.

But Lopez Obrador was more cautious, saying “in spite of our grievances that are not easy to forget… on many occasions we’ve been able to coincide and work together as true allies.”

However, he said Mexico had “trust” in Biden “because you respect our sovereignty.” 

“Count on us always,” he added.

HBO’s “Succession” topped this year’s Emmy nominations, earning 25 nods on Tuesday, as “Squid Game” became the first non-English-language drama series shortlisted for glory for television’s equivalent of the Oscars.

“Succession,” which follows a rich, powerful family vying to inherit a media empire, led the drama nominees, while “Ted Lasso” and “The White Lotus” topped the comedy and limited series categories with 20 nominations each.

Two other comedies — HBO’s “Hacks” and Hulu’s “Only Murders in the Building” — each racked up 17 nominations for the 74th Emmy Awards, to be handed out at a glitzy ceremony in Los Angeles on September 12.

“With production at a historic high, the Academy has received a record number of Emmy submissions this season,” said Television Academy CEO Frank Scherma.

“As we prepare for the entertainment industry’s biggest night, we are thrilled to honor the innovators, creators, performers and storytellers who are propelling this platinum age of television.”

“Succession” will compete for best drama with “Squid Game,” a violent South Korean satire in which society’s marginalized compete for cash in fatal versions of children’s games — and Netflix’s most-watched series ever.

“Squid Game” also picked up multiple acting nominations, including best lead actor for Lee Jung-jae.

The groundbreaking show is hoping to follow in the footsteps of South Korean film “Parasite,” which rocked Hollywood in 2020 by becoming the first non-English-language film to win best picture at the Oscars.

Others in the running for the best drama Emmy include “Euphoria,” “Ozark,” “Better Call Saul” and “Stranger Things.”

“Succession” stars Brian Cox and Jeremy Strong will compete with Lee for best actor in a drama series.

“Euphoria” star and past winner Zendaya became the youngest acting nominee to be shortlisted twice, for best actress in a drama — a category in which “The Morning Show” actress Jennifer Aniston missed out to co-star Reese Witherspoon.

– HBO beats Netflix –

HBO — and its streaming platform HBO Max — won the network nominations battle, earning a combined 140 compared to Netflix’s 105.

In the comedy categories, past winners Jason Sudeikis (“Ted Lasso”), Bill Hader (“Barry”) and Donald Glover (“Atlanta”) will battle it out for best actor, as will Jean Smart (“Hacks”) and Rachel Brosnahan (“The Marvelous Mrs Maisel”) for best actress.

Selena Gomez missed out on an acting nomination for “Only Murders in the Building” — even though her male co-stars Steve Martin and Martin Short earned nods.

But she still made history as the second ever Latina nominated as a producer in the category.

In the limited series categories, “The White Lotus” — a satirical look at hypocrisy and wealth among the visitors to a luxury Hawaii hotel — scored eight acting nominations for an ensemble cast including Jennifer Coolidge and Murray Bartlett.

Elsewhere, A-listers including Colin Firth (“The Staircase”), Andrew Garfield (“Under the Banner of Heaven”), Oscar Isaac (“Scenes From a Marriage”) and Michael Keaton (“Dopesick”) will vie for best actor in a limited series.

But there were notable big-name omissions on the short list for best actress in a limited series, including Julia Roberts (“Gaslit”) and Jessica Chastain (“Scenes from a Marriage”).

Instead, the category will feature Amanda Seyfried (“The Dropout”), Julia Garner (“Inventing Anna”) and Sarah Paulson (“Impeachment: American Crime Story”) among others. 

The Emmys will be broadcast in the United States on NBC and Peacock. 

A man who US officials called the leader of the Islamic State militant group in Syria was killed Tuesday in a drone strike while riding a motorcycle in the northern part of the country,  the Pentagon and local organizations said.

Maher al-Agal was killed near Jindires in northern Syria, and one of his top aides was seriously injured in the attack, Pentagon Central Command spokesman Lieutenant Colonel Dave Eastburn told AFP.

The volunteer Syrian Civil Defense Force, known as the “White Helmets,” said the attack targeted the two while they were on a motorcycle outside Aleppo.

President Joe Biden said the strike “takes a key terrorist off the field and significantly degrades the ability of ISIS to plan, resource, and conduct their operations in the region.”

– Threat to Syrian Kurds –

The Syrian Observatory for Human Rights confirmed Agal’s death and said he was the Islamic State governor for the Levant region.

The US Central Command called the victim “one of the top five” leaders of Islamic State overall.

“In addition to being a senior leader within the group, Al-Agal was responsible for aggressively pursuing the development of IS networks outside of Iraq and Syria,” it said in a statement.

According to a spokesman for the US-allied Kurdish Syrian Democratic Forces, both the men who were targeted had links to Ahrar al-Sharqiya, an armed group operating in northern Syria.

The group has integrated former leaders and members of Islamic State and other jihadist groups, and has conducted attacks against Kurdish targets inside Turkish-controlled areas of northern Syria. 

Ahrar al-Sharqiya was responsible for the 2019 assassination of prominent Kurdish female politician Hevrin Khalaf, which sparked international condemnation.

The US Treasury placed the group on its sanctions blacklist in July 2021.

“Ahrar al-Sharqiya has committed numerous crimes against civilians, particularly Syrian Kurds, including unlawful killings, abductions, torture, and seizures of private property,” the Treasury said at the time.

At the site of the drone strike, there were two small craters in the road and debris from the destroyed motorcycle.

Local villagers told AFP that the two IS members did not live in the area where they were killed.

– IS diminished-

Damien Ferre, founder of the consultancy Jihad Analytics, downplayed the strike, saying Islamic State in Syria is “barely a shadow” of what it used to be.

“They are still able to carry out attacks against Syrian government forces and undertake operations here and there against the Kurdish forces,” he said.

But the group is far weaker compared to the period of the Islamic State “caliphate” that came to control large parts of Iraq and Syria between 2011 and 2019, he said.

“It is important to remember that each time an Islamic State head is killed, they are replaced immediately,” added Ferre. “It really should not impact their activities.”

The last two targeted killings of Islamic State leaders took place in Turkish-controlled areas of northern Syria, where groups like Ahrar al-Sharqiya are active and have local knowledge of the terrain and families.

The strike came five months after a nighttime US raid in the town of Atme, which led to the death of the overall Islamic State leader, Abu Ibrahim al-Qurashi.

US officials said Qurashi died when he detonated a bomb to avoid capture.

Kyiv said Tuesday it had launched artillery barrages that destroyed a Russian arms depot and carried out a “special operation” to free military captives in the Moscow-controlled Kherson region.

The bombardments in the south came as Washington and the EU announced nearly $3 billion combined for Ukraine, and Turkey said delegations from Moscow and Kyiv would meet in Istanbul Wednesday to discuss restarting stalled grain deliveries across the Black Sea.

Ukrainian military officials said the strikes had destroyed artillery, armoured vehicles “and a warehouse with ammunition” in the town of Nova Kakhovka.

Russian-backed authorities accused Ukraine, however, of damaging civilian infrastructure and killing at least seven people, a toll that could not be independently verified.

“Warehouses were hit, as were shops, a pharmacy, petrol stations and even a church,” the head of the city’s Moscow-backed administration, Vladimir Leontiev, said on social media.

Ukrainian military intelligence said separately its forces had freed five captives in a “special operation” in Kherson, including a military serviceman and former police officer, without specifying when.

The Ukrainian army has for several weeks been waging a counter-offensive to recapture Kherson, which was taken by Russian troops early in the invasion of Ukraine.

The deputy head of the pro-Russian authorities in Kherson, Ekaterina Gubareva, said Ukraine had used long-range, precision artillery systems supplied by the United States in the strikes in Nova Kakhovka.

– Western financial aid –

Military analysts are crediting newly arrived systems from the West — including HIMARS from the United States — with attacks deeper into Russian-controlled territory across the front line.

EU member states, which have been supplying Ukraine with military support, on Tuesday approved one billion euros ($1 billion) in financial help for Kyiv, billing it as the first instalment of a promised nine-billion-euro rescue package agreed in May.

The United States separately announced $1.7 billion for Ukraine to help fund recovery.

“This aid will help Ukraine’s democratic government provide essential services for the people of Ukraine,” Treasury Secretary Janet Yellen said of the funds that are part of a $7.5 billion aid package signed by President Joe Biden in May.

Moscow was striking back across Ukraine, with officials in the southern city of Mykolaiv saying Russian forces had bombed two medical facilities and homes, injuring 12 people.

Five people were injured in Russian shelling on Ukraine’s second city Kharkiv, said regional governor Oleg Synegubov, after strikes the previous day left seven dead across that region.

But the heaviest fighting in recent weeks has centred on the Donbas where Moscow’s forces have slowly advanced under fierce resistance since failing to capture Kyiv after the February 24 invasion.

Ukrainian emergency services said the death toll had risen to 45, two days after Russian bombardment flattened a residential building in the eastern town of Chasiv Yar, in the Donetsk region of the Donbas.

In Bakhmut — one of the few remaining cities under Ukrainian control in Donbas — AFP journalists could hear nearby artillery fire.

– Upcoming grain talks –

“The front is getting closer,” said municipal official, Dmytro Podkuyidko, estimating that more than one-third of the town’s population of 73,000 have fled.

“If it gets worse, I’ll end up leaving too,” Podkuyidko said.

Turkey announced meanwhile that Russian and Ukrainian delegations had agreed to meet in Istanbul Wednesday for talks to break an impasse on allowing Ukrainian grain to leave its southern ports which are mined and blocked by Russian warships. 

The four-way meeting with Turkish officials and the United Nations comes as food prices soar globally due to Russia’s invasion of Ukraine.

“Unblocking Ukrainian ports is one of the key components of global food security,” Ukrainian presidential aide Andryi Yermak said on Telegram.

Turkish President Recep Tayyip Erdogan is due to meet Russian leader Vladimir Putin for the first time since the invasion at talks hosted by Iranian President Ebrahim Raisi in Tehran next Tuesday.

The talks are due to focus on the situation in war-ravaged Syria, but the Kremlin said Putin and Erdogan will hold a separate meeting that is almost certain to focus heavily on Ukraine.

The Kremlin has been working to consolidate its hold over territories it controls like Kherson, both militarily and bureaucratically since the beginning of the conflict.

After Putin on Monday passed a decree fast-tracking Russian passports for all Ukrainians, Ukraine’s breakaway Donetsk People’s Republic on Tuesday unveiled its “embassy” in central Moscow.

Top Russian officials did not attend the ceremony amid a beefed-up police presence.

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Faced with a doubling of Covid hospitalizations in recent months, US health authorities reiterated the need Tuesday for vaccine vigilance to fight the pandemic, even as the jabs’ immunity against new Omicron subvariants remains unclear.

The United States is recording some 5,100 coronavirus-related hospitalizations per day, “a doubling of hospital admissions since early May,” Center for Disease Control and Prevention (CDC) Director Rochelle Walensky told a press briefing.

The increase is linked to the meteoric rise of the Omicron variant’s BA.4 and BA.5 sublineages, which were first detected in April and which respectively represent 16 percent and 65 percent of the virus currently circulating in the United States.

While they do not appear to be more severe than previous variants, “we do know it to be more transmissible and more immune-evading,” Walensky said, although she added that vaccination and booster effectiveness against severe illness and death likely remains high with the new variants.

“So staying up to date on your Covid-19 vaccines provides the best protection against severe outcomes,” she said.

Despite the rise in cases, the new variants should not be allowed to cause panic or “disrupt our lives,” President Joe Biden’s chief medical advisor Anthony Fauci told the briefing.

While daily tolls have reduced substantially since the crisis peaked more than a year ago, the United States is still recording 300 to 350 deaths per day, an “unacceptable” number, Fauci said.

The country is seeing between 100,000 and 150,000 new reported cases daily, but the figure could be substantially underestimated due to the expansion in use of home Covid tests, whose results are often not reported to authorities.

A culturally insensitive comment by US First Lady Jill Biden which spread like wildfire across social media prompted a White House apology Tuesday and outrage from a group which insisted Hispanics “are not tacos.”

During a speech Monday in Texas, Biden hailed the state’s diversity as being “as distinct as the bodegas of the Bronx, as beautiful as the blossoms of Miami, and as unique as the breakfast tacos here in San Antonio.”

Her remark may have been a nod to a popular dish in heavily Hispanic southern Texas but it fell flat as a pancake, quickly becoming a focus of derision, scorn and political opportunism.

“The First Lady apologizes that her words conveyed anything but pure admiration and love for the Latino community,” Biden press secretary Michael LaRosa said on Twitter.

The mea culpa came the morning after a scathing rebuke by the National Association of Hispanic Journalists, which warned Biden against reducing their diverse community to “stereotypes.”

“We are not tacos,” NAHJ said.

“Using breakfast tacos to try to demonstrate the uniqueness of Latinos in San Antonio demonstrates a lack of cultural knowledge and sensitivity to the diversity of the Latinos in the region.”

The first lady’s Texas trip was intended to appeal to Hispanic voters, traditionally an important electoral component for President Joe Biden’s Democratic Party.

The United States is home to some 62 million Hispanics, according to 2020 census data.

The NAHJ said it urged Biden “to take the time in the future to better understand the complexities of our people and communities.”

With some four months to go before the US midterm congressional elections, Republicans joined in the criticism.

“Hispanics aren’t a monolith,” congressman Carlos Gimenez of Florida posted on Twitter.

“No wonder Hispanics are fleeing the Democratic Party!” congressman Andy Biggs, an Arizona Republican, said.

Over the past year, President Biden’s approval rating has dropped from 55 percent to just 26 percent among Hispanic voters, a Quinnipiac poll showed.

Here is a list of the nominees in key categories for the 74th Emmy Awards, which will be handed out in Los Angeles on September 12.

HBO’s “Succession” topped the nominations list with 25, followed by “Ted Lasso” and “The White Lotus” at 20 each.

OUTSTANDING DRAMA SERIES

“Better Call Saul”

“Euphoria”

“Ozark”

“Severance”

“Squid Game”

“Stranger Things”

“Succession”

“Yellowjackets”

OUTSTANDING COMEDY SERIES

“Abbott Elementary”

“Barry”

“Curb Your Enthusiasm”

“Hacks”

“The Marvelous Mrs Maisel”

“Only Murders in the Building”

“Ted Lasso”

“What We Do in the Shadows”

LEAD ACTOR, DRAMA

Jason Bateman, “Ozark”

Brian Cox, “Succession”

Lee Jung-jae, “Squid Game”

Bob Odenkirk, “Better Call Saul”

Adam Scott, “Severance”

Jeremy Strong, “Succession”

LEAD ACTRESS, DRAMA

Jodie Comer, “Killing Eve”

Laura Linney, “Ozark”

Melanie Lynskey, “Yellowjackets”

Sandra Oh, “Killing Eve”

Reese Witherspoon, “The Morning Show”

Zendaya, “Euphoria”

LEAD ACTOR, COMEDY

Donald Glover, “Atlanta”

Bill Hader, “Barry”

Nicholas Hoult, “The Great”

Steve Martin, “Only Murders in the Building”

Martin Short, “Only Murders in the Building”

Jason Sudeikis, “Ted Lasso”

LEAD ACTRESS, COMEDY

Rachel Brosnahan, “The Marvelous Mrs Maisel”

Quinta Brunson, “Abbott Elementary”

Kaley Cuoco, “The Flight Attendant”

Elle Fanning, “The Great”

Issa Rae, “Insecure”

Jean Smart, “Hacks”

SUPPORTING ACTOR, DRAMA

Nicholas Braun, “Succession”

Billy Crudup, “The Morning Show”

Kieran Culkin, “Succession”

Park Hae-soo, “Squid Game”

Matthew Macfadyen, “Succession”

John Turturro, “Severance”

Christopher Walken, “Severance”

Oh Yeong-su, “Squid Game”

SUPPORTING ACTRESS, DRAMA

Patricia Arquette, “Severance”

Julia Garner, “Ozark”

Jung Ho-yeon, “Squid Game”

Christina Ricci, “Yellowjackets”

Rhea Seehorn, “Better Call Saul”

J. Smith-Cameron, “Succession”

Sarah Snook, “Succession”

Sydney Sweeney, “Euphoria”

SUPPORTING ACTOR, COMEDY

Anthony Carrigan, “Barry”

Brett Goldstein, “Ted Lasso”

Toheeb Jimoh, “Ted Lasso”

Nick Mohammed, “Ted Lasso”

Tony Shalhoub, “The Marvelous Mrs. Maisel”

Tyler James Williams, “Abbott Elementary”

Henry Winkler, “Barry”

Bowen Yang, “Saturday Night Live”

SUPPORTING ACTRESS, COMEDY

Alex Borstein, “The Marvelous Mrs Maisel”

Hannah Einbinder, “Hacks”

Janelle James, “Abbott Elementary”

Kate McKinnon, “Saturday Night Live”

Sarah Niles, “Ted Lasso”

Sheryl Lee Ralph, “Abbott Elementary”

Juno Temple, “Ted Lasso”

Hannah Waddingham, “Ted Lasso”

OUTSTANDING LIMITED OR ANTHOLOGY SERIES

“Dopesick”

“The Dropout”

“Inventing Anna”

“Pam and Tommy”

“The White Lotus”

OUTSTANDING TELEVISION MOVIE

“Chip ‘n’ Dale: Rescue Rangers”

“Ray Donovan: The Movie”

“Reno 911! The Hunt for QAnon”

“The Survivor”

“Zoey’s Extraordinary Christmas”

LEAD ACTOR, LIMITED SERIES OR MOVIE

Colin Firth, “The Staircase”

Andrew Garfield, “Under the Banner of Heaven”

Oscar Isaac, “Scenes from a Marriage”

Michael Keaton, “Dopesick”

Himesh Patel, “Station Eleven”

Sebastian Stan, “Pam and Tommy”

LEAD ACTRESS, LIMITED SERIES OR MOVIE

Toni Collette, “The Staircase”

Julia Garner, “Inventing Anna”

Lily James, “Pam and Tommy”

Sarah Paulson, “Impeachment: American Crime Story”

Margaret Qualley, “Maid”

Amanda Seyfried, “The Dropout”

SUPPORTING ACTOR, LIMITED SERIES OR MOVIE

Murray Bartlett, “The White Lotus”

Jake Lacy, “The White Lotus”

Will Poulter, “Dopesick”

Seth Rogen, “Pam and Tommy”

Peter Sarsgaard, “Dopesick”

Michael Stuhlbarg, “Dopesick”

Steve Zahn, “The White Lotus”

SUPPORTING ACTRESS, LIMITED SERIES OR MOVIE

Connie Britton, “The White Lotus”

Jennifer Coolidge, “The White Lotus”

Alexandra Daddario, “The White Lotus”

Kaitlyn Dever, “Dopesick”

Natasha Rothwell, “The White Lotus”

Sydney Sweeney, “The White Lotus”

Mare Winningham, “Dopesick”

Top 10 programs with most overall nominations:

“Succession” – 25

“Ted Lasso” – 20

“The White Lotus” – 20

“Hacks” – 17

“Only Murders in the Building” – 17

“Euphoria” – 16

“Barry” – 14

“Dopesick” – 14

“Severance” – 14

“Squid Game” – 14

The cosmic cliffs of a stellar nursery, a quintet of galaxies bound in a celestial dance: the James Webb Space Telescope released its next wave of images Tuesday, heralding a new era of astronomy.

“Every image is a new discovery,” said NASA administrator Bill Nelson. “Each will give humanity a view of the universe that we’ve never seen before.”

Released one by one, the new images demonstrated the full power of the $10 billion observatory, which uses infrared cameras to gaze into the distant universe in unprecedented clarity.

On Monday, Webb revealed the clearest image to date of the early universe, going back 13 billion years.

The latest tranche included the “mountains” and “valleys” of a star-forming region called NGC 3324 in the Carina Nebula, dubbed the “Cosmic Cliffs,” 7,600 light years away.

“For the first time we’re seeing brand new stars that were previously completely hidden from our view,” said NASA astrophycisist Amber Straughn.

Webb also revealed never before seen details of Stephan’s Quintet, a grouping of five galaxies including four that experience repeated close encounters, which provide insights into how early galaxies formed at the start of the universe.

The telescope dramatically captures shockwaves as one of the galaxies smashes through the center of the cluster.

A dim star at the center of the Southern Ring Nebula was revealed for the first time to be cloaked in dust, as it spews out rings of gas and dust in its death throes.

Understanding the molecules present in such stellar graveyards can help scientists learn more about the process of stellar death.

– Exploring the cosmos –

The telescope also found water vapor in the atmosphere of a faraway gas planet. The spectroscopy — an analysis of light that reveals detailed information — was of planet WASP-96 b, which was discovered in 2014.

Nearly 1,150 light-years from Earth, WASP-96 b is about half the mass of Jupiter and zips around its star in just 3.4 days.

“We’ve seen the effect of what happens when a planet and its atmosphere passes in front of the star, and the star light filters through the atmosphere, and you can break that down into wavelengths of light,” said NASA’s Knicole Colon.

“So you’re actually seeing bumps and wiggles that indicate the presence of water vapor in the atmosphere of the planet.”

Launched in December 2021 from French Guiana on an Ariane 5 rocket, Webb is orbiting the Sun at a distance of a million miles (1.6 million kilometers) from Earth, in a region of space called the second Lagrange point.

Here, it remains in a fixed position relative to the Earth and Sun, with minimal fuel required for course corrections. 

A wonder of engineering, the total project cost is estimated at $10 billion, making it one of the most expensive scientific platforms ever built, comparable to the Large Hadron Collider at CERN.

Webb’s primary mirror is over 21 feet (6.5 meters) wide and is made up of 18 gold-coated mirror segments. Like a camera held in one’s hand, the structure must remain as stable as possible to achieve the best shots.

After the first images, astronomers around the globe will get shares of time on the telescope, with projects selected competitively through a process in which applicants and selectors don’t know each other’s identities, to minimize bias.

Thanks to an efficient launch, NASA estimates Webb has enough propellant for a 20-year life, as it works in concert with the Hubble and Spitzer space telescopes to answer fundamental questions about the cosmos.

The euro struck parity with the dollar for the first time in nearly 20 years on Tuesday as a cut in Russian gas supplies to Europe heightened fears of a recession in the eurozone.

The European single currency hit exactly one dollar — its lowest level since December 2002 — before bouncing back to as high as $1.0070.

Oil prices plunged on concerns of a wider recession as central banks hike interest rates to fight decades-high inflation, with both main contracts falling back under $100 per barrel at one point.

While European stocks initially moved lower, they rallied in afternoon trading to finish higher. Wall Street’s main stock indices were also up in late morning trading.

“Rising inflation, stalling economic growth and more recently fears that Russia could cut gas supplies have pulled the euro lower,” said Fiona Cincotta at City Index.

“The nail in the coffin today was dire data showing that economic confidence in Germany fell to a decade low,” she added.

Russian energy giant Gazprom on Monday began 10 days of maintenance on its Nord Stream 1 pipeline — with Germany and other European countries watching anxiously to see if the gas comes back on.

“The gas crisis has really spooked markets over the eurozone economy,” Markets.com analyst Neil Wilson told AFP.

With relations between Russia and the West at their lowest in years because of the invasion of Ukraine, Gazprom may not reopen the valves, according to analysts.

“The next few weeks could be challenging for Europe, with possibly maximum uncertainty stretching into August,” said SPI Asset Management’s Stephen Innes.

“Investors increasingly believe that gas may not start to flow through Nord Stream 1 again following the scheduled maintenance on July 11-21, with further ‘temporary’ interruptions seen as likely.”

Worries about a Covid flare-up in China — fuelling fears of more lockdowns — added to the downbeat mood, just as investors prepared for a week of economic data and corporate earnings that could have huge implications for markets.

A forecast-beating US jobs report last week suggested the world’s top economy was coping with higher Federal Reserve rates, but it also gave the central bank more room to continue tightening — leading to concerns it could go too far and cause a contraction.

The European single currency is also under pressure from the Federal Reserve hiking US interest rates more aggressively than the European Central Bank.

The dollar has jumped 14 percent against the euro since the start of the year.

US inflation data due out Wednesday could also solidify the case for the Fed to continue raising interest rates aggressively.

“In anticipation of that, investors have retreated to the safety of the US dollar once more, steering clear of risky assets in favour of haven” assets, said market analyst Craig Erlam at trading platform OANDA.

Central banks have been increasing borrowing costs in a bid to tame inflation, which has been fuelled by soaring energy prices.

Oil and gas prices have rocketed this year after economies reopened from Covid lockdowns and following the invasion of Ukraine by major energy producer Russia, which raised concerns whether supplies will be adequate.

– Key figures at around 1530 GMT –

Euro/dollar: UP at $1.0065 from $1.0041 Monday

Pound/dollar: UP at $1.1911 from $1.1892 

Euro/pound: UP at 84.57 pence from 84.38 pence

Dollar/yen: DOWN at 136.66 yen from 137.41 yen

West Texas Intermediate: DOWN 6.8 percent at $96.99 per barrel

Brent North Sea crude: DOWN 6.3 percent at $100.41 per barrel

New York – Dow: UP 0.5 percent at 31,318.22 points

EURO STOXX 50: UP 0.4 percent at 3,487.05

London – FTSE 100: UP 0.2 percent at 7,209.86 (close)

Frankfurt – DAX: UP 0.6 percent at 12,905.48 (close)

Paris – CAC 40: UP 0.8 percent at 6,044.20 (close)

Tokyo – Nikkei 225: DOWN 1.8 percent at 26,336.66 (close)

Hong Kong – Hang Seng Index: DOWN 1.3 percent at 20,844.74 (close)

Shanghai – Composite: DOWN 1.0 percent at 3,281.47 (close)

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