The Reserve Bank of India says that crude oil prices rising by 10% will increase inflation by 50 basis points.

According to Handelsblatt: Diesel and gasoline are temporarily sold out at some gas stations in the Rhineland region. The low water levels of the Rhine River have coincided with soaring demand, putting pressure on the supply chain.

SpaceX (SPCX.US) shares fell 1.4% pre-market; according to the Financial Times, the company is seeking $40 billion in funding to purchase Nvidia chips.

(1) Last week, the Swiss franc saw a surge of several standard deviations, driven by an aggressive short squeeze triggered by French credit stress, which will force the market to reconsider using the Swiss franc as the preferred funding currency for carry trades. (2) This price movement serves as a reminder that Swiss franc crosses often face asymmetric risks, especially EUR/CHF, which typically rises slowly but can retreat sharply and rapidly during safe-haven flows, as was the case last week. (3) Since the demand for carry trades is unlikely to disappear, traders may turn to using the euro as an alternative funding currency to the Swiss franc, as the euro does not carry the same asymmetric risk. (4) Meanwhile, unfavorable terms of trade shocks in Europe continue to weigh on the euro, especially as winter approaches and inventories are at the lower end of their seasonal range, while energy costs remain elevated.

The German Ministry of Economic Affairs stated regarding energy reserves that Germany will participate in the further release of the reserve volume already determined by the International Energy Agency (IEA) in March. They are currently working on approving the release of energy reserves.