Eurotopics.net

The EU has assured France of its support in the dispute with Australia and the US. Under the new Aukus pact, Australia's government has cancelled a 56-billion euro contract signed in 2016 for the purchase of French submarines and plans to buy US nuclear submarines instead. The EU has called the move unacceptable. Commentators caution against making too much of a fuss over the decision.

The crisis at China's second largest real estate group is coming to a head. Evergrande's share prices have dropped by around 80 percent since the start of the year. Investors fear that if the company goes bankrupt it would have a similar impact worldwide as the bankruptcy of Lehman Brothers in 2008. But Europe's press is unanimous that this comparison is flawed.

Natural gas prices are currently at record levels across Europe. Whereas the long-term average fluctuates between 15 and 20 euros per megawatt hour, the current rate is 65 euros, a threefold increase within a few months. Commentators voice concern about winter heating costs and the future of the industry.