But the political crisis in Italy is spooking investors. In the wake of the collapse of his government coalition, Italian Prime Minister Mario Draghi resigned on Thursday, paving the way for early elections in September or October. Italian bond yields rose to 3.38% amid renewed political uncertainty in the country.

The FTSE 100 was down 0.3% this morning, ahead of a European Central Bank policy decision. Investors are wondering whether it will go for the standard 0.25% rate hike, or go for 0.5%.

After days of suspense, gas began flowing again today along the Nord Stream 1 pipeline from Russia to Germany. Still, Ursula Von der Leyen said that said a full cut-off of gas is still a likely scenario and called on EU countries to cut their natural gas consumption by 15% by the end of the year.

Among stocks, Dechra Pharmaceuticals fell 6.4% after it issued new equity shares.

 

Things to read today:

Mario Draghi resigns after Italian coalition unravels (Financial Times)

Russia Resumes Nord Stream Natural-Gas Supply to Europe (WSJ)