The ECB is set for a historic interest rate hike – its first in 11 years – and there is speculation it could be as much as 50bps. We are live in Rome where Prime Minister Mario Draghi is expected to resign following yesterday’s failed call for parliamentary unity. The crisis could prompt early elections this autumn. The Nord Stream 1 pipeline is to resume gas delivery following scheduled summer maintenance. However, the head of Germany’s energy regulator confirms that operations are only at 30 per cent of capacity. Tesla shares are up in extended trade as the electric car maker beats Q2 earnings expectations. CEO Elon Musk says he believes inflation is likely to top out later this year.    

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