Rodenstock, price drop, Liz Truss, JP Morgan, relief package, Roblox

Actually, the Russian state -

pipeline towards Europe

again on Saturday after the three-day maintenance work was completed .

But then, on Friday evening after the stock exchange closed, what many market participants had feared for a long time happened: the energy giant announced that the gas flow would remain interrupted until further notice.

The reason is an oil leak in the turbine in the Portovaya compressor station.

A justification that is given little credence in this country.

The announcement triggered a veritable sell-off on the stock exchange.

The German leading index Dax lost more than 3 percent at times, the euro fell to a 20-year low, and at the same time the price of European natural gas shot up by around 35 percent.

"The fear of a kind of Lehmann crisis in the European energy sector is growing," said one analyst.

Shares in energy companies in particular were under pressure, above all the shares of Germany's largest gas importer

.

But also for the shares of

, the wind company

and the solar park

it went downhill

Are you wondering why?

Well, that is again due to the new excess profit tax, excuse me, random profit tax, as it has been called since the weekend, contained in the federal government's third relief package.

Because this system is no longer aimed at the large international oil and gas companies that have been the focus up to now, but at the producers who generate the cheapest electricity.

These companies are currently benefiting from the rising electricity price linked to the gas price and are expected to give away some of their bubbly income.

But it wasn't just energy stocks that tumbled.

The papers of car manufacturers, industrial and chemical companies also buckled.

We have summarized for you here why the gas crisis has what it takes to spread to all areas of the global economy.

Those who seek refuge in bonds in the face of the turbulence in the stock market should be warned, because this is a historic turning point: For the first time in three decades, the market for global bonds has turned into a bear market, i.e. prices gave way compared to the previous high by at least 20 percent.

My colleague Helmut Reich wrote down the reasons for this and what the chances are in turn in the looming recession: "A turning point on the bond market."

The business news of the day:

• New Prime Minister:

  Members of the ruling Conservative Party in Britain have elected Foreign Secretary

  Liz Truss

  as their new leader.

  The self-declared Thatcher heiress will take over from Prime Minister Boris Johnson

  on Tuesday

  .

  Read here how the 47-year-old wants to boost the country's economy again and what her election means for the EU.

• New employees:

  The major US bank

  JP Morgan

  has advertised around 80 jobs in Berlin and Frankfurt am Main.

  Apparently, the institute wants to set up a new private customer business in this country, but mostly digitally.

  That would be a frontal attack on Deutsche Bank.

• New relief package:

  As already mentioned, the heads of the coalition agreed on a third relief package for companies and the population at the weekend.

  You can read the details again here.

  However, the multi-billion dollar package is met with skepticism by numerous economists.

  The heads of government of the federal states also criticize the plans of the traffic light coalition.

What else kept us busy:

• Gustavo Arnal , CFO at

  Bed Bath & Beyond

  since 2020

  , fell from a New York City skyscraper on Friday afternoon and died.

  The US home decorator was one of the so-called meme stocks hyped on internet forums.

  After a jump in the share price of around 66 percent within a few days, the price collapsed again shortly afterwards.

  Angry investors sued the company, Arnal and a major shareholder.

  It is unclear whether Arnal's death is related to this.

The latest from the Harvard Business manager:

• If you have teenage kids, chances are you're familiar with the

  Roblox

  platform .

  Here, users can not only gamble, but also learn the basics of programming.

  Around 42 million people use the platform every day.

  Co- founder and CEO

  David Baszucki shares

  his recipe for innovation and the opportunities of the Metaverse.

My recommendation for the evening:

• Benedict Rodenstock

  , scion of the

  eyewear dynasty of the same name, doesn't have it that way when it comes to glasses.

  The studied historian would rather get involved in big business and has set up a venture capital fund for non-family investors.

  His promise: an internal return of around 20 percent per year.

  Since the summer of last year, his company

  Arviq Capital has

  been trying to attract investors, especially from other German entrepreneurial families.

  But so far the demand has been limited.

  Colleague Mark Böschen has written down why this is for you here.

Kind regards and have a nice end of the day, your Marleen Gründerel