The Bank of England snaps up £4.4 billion in Gilts in its biggest daily move so far, as the emergency programme enters its final 48 hours. U.K. Prime Minister Liz Truss says she will stick to her plans to not cut public spending. ECB hawks Robert Holzmann and Pierre Wunsch tell CNBC they expect rates to keep rising despite fears of a looming recession, with the benchmark rate possibly topping 3%. The Fed comes under further pressure in its inflation fight, with food and energy costs causing wholesale prices to rise more than forecast last month. EU energy ministers agree on plans for a joint gas buying scheme, but fail to strike a deal on a price cap.

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