189 stories found
Slovakia faces an ongoing oil emergency, even as state reserves are replenished, with discussions around the Adria pipeline supplying non-Russian oil via Croatia and the dry Druzhba pipeline impacting the Slovnaft refinery.
European experts are reportedly not yet welcome at the Druzhba pipeline, indicating ongoing access restrictions.
Hungary is increasing its gas reserves following attacks on Turkstream and the closure of the Druzhba pipeline, with the government adopting a tougher stance towards Kyiv amidst a precarious European situation.
Sources report that Ukraine has not yet granted European experts permission to inspect the site of damage to the Druzhba pipeline, hindering assessments of repair time and cost.
Slovakian Prime Minister Fico has warned of 'further measures' in an ongoing dispute with Ukraine concerning the Druzhba pipeline, indicating a potential escalation in the energy disagreement.
Slovak Prime Minister Robert Fico asserts that Slovakia needs Russian oil for security and warns he will not support EU summit conclusions on Ukraine unless a solution for the damaged Druzhba pipeline is included.
Karel Havlíček announced that the Czech Republic is ready to begin technical investments regarding the Druzhba oil pipeline so that oil can once again be transported to Slovakia.
Ukraine has accepted an EU offer to help restore the Druzhba pipeline, which carries Russian oil to Hungary. Sweden views this as an acceptable solution despite sending an 'unfortunate signal' by facilitating Russian oil flow.
Ukraine has accepted the European Union's offer of technical assistance and funding to restore oil flows through the damaged sections of the Druzhba pipeline, while clarifying that the resumption of Russian crude oil deliveries is contingent on certain conditions.
Ukrainian President Volodymyr Zelensky has stated that there are prospects for a peaceful resolution to Russia's war against Ukraine, indicating that his country has several ideas on how to end the conflict.
Ukraine accepts EU offer to help restore Druzhba pipeline carrying Russian oil The Straits Times
Hungary and Slovakia have accused Ukraine of deliberately delaying the reopening of the Druzhba pipeline.
Hungarian Prime Minister Viktor Orbán claimed that Ukraine intentionally did not reconnect the Druzhba pipeline to interfere in Hungarian elections in favor of the Tisza Party, following discussions with the Slovak Prime Minister and the President of the European Council.
EU ministers have expressed concern and doubt regarding the attack on the Druzhba pipeline, backing Slovakia and Hungary's demand for Ukraine to allow independent expert inspection of the site. This follows Ukraine presenting materials on the attack that did not fully convince Slovakia.
European Commission President Ursula von der Leyen announced that the European Union will assist in restoring Russian oil supplies through the Druzhba pipeline.
Ukrainian President Volodymyr Zelensky stated he is being forced to reopen the Druzhba pipeline, questioning European partners why this differs from lifting sanctions against Russia.
A Hungarian delegation is set to inspect the Druzhba pipeline, but one expert has reportedly refused to enter Ukraine. The pipeline has been non-operational for several weeks following a Russian attack.
Hungary has stated it will block €90 billion in financial aid to Ukraine and the 20th EU sanctions package until the issue of oil transportation through the Druzhba oil pipeline is resolved.
Hungary has threatened to block an EU loan for Ukraine and new sanctions over the halted transit of Russian oil via the Druzhba pipeline.
Ukrainian President Volodymyr Zelenskyy has said that demands to resume the transit of Russian oil via the Druzhba pipeline are essentially the same as easing sanctions against Russia.
Ukraine briefs diplomats from 31 countries on damage to Druzhba pipeline carrying Russian oil The Straits Times
Slovak Prime Minister Robert Fico has published a joint letter addressed to the Ukrainian President, urging parliamentary parties to sign it in support of resuming Russian oil transit via the Druzhba pipeline, claiming Ukraine is causing economic damage to Slovakia.
The EU has informed Ukraine of its intention to send a fact-finding mission to the Druzhba oil pipeline, while a Hungarian delegation has arrived in Ukraine for negotiations, though Ukraine indicated the timing was not suitable.
Hungarian Prime Minister Viktor Orbán has instructed his delegation to seek negotiations with Ukraine regarding the Druzhba oil pipeline and to inspect the damaged site.
The Ukrainian Foreign Ministry confirmed that a group of Hungarian citizens arrived in the country for 'Druzhba pipeline talks' but stated they were considered tourists, not an official delegation, as they entered under standard travel rules.
Hungary has dispatched a team to Ukraine to investigate damage to the Druzhba oil pipeline, as Budapest seeks to restore the flow of Russian oil amid rising prices exacerbated by the conflict in the Middle East.
Moscow announced that the Russian section of the Druzhba oil pipeline is technically ready to receive oil, weeks after it sustained damage.
Hungarian Prime Minister Viktor Orban has pledged to use “political and financial tools” to force Ukraine to restart flows through the Druzhba pipeline, the key route for Russian oil to Hungary and…
Hungary's Foreign Minister Szijjártó announced that the European Commission refused to side with Hungary and Slovakia regarding the blocking of the Druzhba oil pipeline, escalating tensions with Ukraine.
The Druzhba oil pipeline, which passes through Ukraine and supplies Hungary and Slovakia with Russian oil, but is out of operation following what Kyiv claims was a Russian attack, is...
Bloomberg reports that the EU may provide financial assistance to Ukraine to repair the Druzhba pipeline, as Hungary and Slovakia are blocking aid decisions until oil supplies resume through the pipeline.
Slovak Prime Minister Robert Fico claims the Druzhba oil pipeline is undamaged and accuses Ukrainian President Zelenskyy of lying, leading Slovakia to halt electricity deliveries to Ukraine.
During a meeting of the European Union's Oil Coordination Group on 4 March, Hungary and Slovakia raised the issue of what they described as Ukraine's refusal to restart the Druzhba oil pipeline for…
Oil flows to Hungary and Slovakia via Russia’s Druzhba pipeline stopped after a Russian strike reportedly damaged the line in late January.
Hungarian Prime Minister Viktor Orbán asserts that satellite records confirm no technical obstacles prevent the resumption of oil transport via the Druzhba pipeline to Hungary, claiming Ukraine is blocking it for political reasons.
The EU is pressing Ukraine to allow access to the Druzhba pipeline, which carries Russian oil, after Kyiv stated the pipeline was too damaged to restart supplies following a January attack by Moscow.
Ukrainian President Volodymyr Zelensky mocked Hungarian Prime Minister Viktor Orban regarding his statements about the condition of the Druzhba oil pipeline.
Satellite image showing the status of the Druzhba pipeline and the Brody oil pumping station on February 21, 2026. No fire or smoke is visible on the oil storage tank.
Hungarian Prime Minister Viktor Orbán has released satellite images which he claims demonstrate that the Druzhba oil pipeline has not sustained any damage.
Russian economist Vladimir Milov suggests that Hungarian Prime Minister Viktor Orban is demonstrating political loyalty to Vladimir Putin, explaining Orban's stance on the Druzhba oil pipeline.
Slovak Prime Minister Robert Fico said on Friday that he got a "clear impression" after a phone conversation with Ukrainian President Volodymyr Zelenskyy that Kyiv does not want to resume the transit of Russian oil…
Following a phone call with Ukrainian President Volodymyr Zelenskyy, Slovak Prime Minister Robert Fico has claimed that Ukraine has no interest in resuming the operation of the Druzhba oil pipeline.
The European Commission welcomes Hungarian Prime Minister Viktor Orban's readiness to accept the results of an inspection of the damaged Druzhba pipeline by a relevant mission initiated by Hungary…
Ukrainian President Zelensky has invited Slovakian Prime Minister Fico to Ukraine as Slovakia and Hungary seek to inspect the Druzhba pipeline.
Hungary's Prime Minister Viktor Orbán has held a phone call with his Slovak counterpart Robert Fico and announced that the two countries will set up an investigative commission to examine the…
Slovak Prime Minister Robert Fico is scheduled for a highly anticipated phone call with Ukrainian President Volodymyr Zelensky, with the main agenda item being the resumption of oil supplies via the Druzhba pipeline, which have been interrupted since late January.
Hungarian Foreign Minister Szijjártó announced that the chargé d'affaires of the Hungarian embassy in Kyiv was summoned to the Ukrainian Ministry of Foreign Affairs, where Ukrainians 'admitted' that they would not restart oil supplies via the Druzhba pipeline for political reasons.
Ukrainian President Volodymyr Zelensky suggested that Hungary should ask Russia for an 'energy ceasefire' regarding the Druzhba pipeline, rather than issuing ultimatums to Ukraine.
Responsibility for the suspension of Russian oil transit to Europe via the Druzhba pipeline lies with Russia, whose attacks damaged it, and ultimatums and political pressure on Ukraine from some EU member states over the issue are unacceptable.
The Druzhba oil pipeline's shutdown does not pose a threat to the European Union's energy security at this stage, the EU's Oil Coordination Group has concluded after a video conference with the partic
Viktor Orbán has ramped up pressure on Kyiv to restart oil transit to Hungary via the Druzhba pipeline The European Union continues to look for ways to get around Hungary’s block on the latest round o
Russia's Transneft cuts oil intake after Ukrainian strike on Druzhba pipeline hub, Reuters reports The Kyiv Independent
The United Kingdom has unveiled its largest package of sanctions against Russia, but a document shows that it has exempted the Druzhba pipeline from these measures.
Slovakia has announced that deliveries of Russian oil through the repaired Druzhba pipeline are set to resume on Thursday.
Hungarian Prime Minister Viktor Orban stated that Ukraine has politically cut oil supplies to Hungary via the Druzhba pipeline, and Budapest will not accept this situation, linking it to the 90 billion euros for Ukraine.
Slovakia has stopped emergency power supplies to Ukraine after issuing a two-day ultimatum for Ukraine to reopen the Soviet-era Druzhba pipeline, following a dispute over Russian oil.
Ukrainian drones reportedly struck an oil pumping unit serving the Druzhba pipeline in Tatarstan, causing a fire at the station. The pipeline supplies oil to central European countries like Hungary and Slovakia.
Ukrainska Pravda has established that long-range drones launched by the Security Service of Ukraine (SSU) were behind an attack on the Kalyeykino oil pumping station in Russia's Republic of Tatarstan
The Kaleykino oil pumping station in Russia's Tatarstan Republic, a key hub for the Druzhba export pipeline, was attacked overnight.
Hungary is threatening to block a significant EU support loan for Ukraine unless the transit of Russian oil through the Druzhba pipeline is restored.
Hungarian Foreign Minister Péter Szijjártó has said that Budapest will block the adoption of the European Union's 20th package of sanctions against Russia on Monday, claiming that Ukraine is deliberat
The Prime Ministers of Slovakia and Hungary have warned Ukraine of potential retaliatory measures, including a halt to electricity supplies, following the suspension of Russian oil transit via the Druzhba pipeline.
A tender has been announced for the restoration of the Brody oil pumping station, part of the Druzhba pipeline, with a 20-month development period, incorporating both repairs from a January Russian attack and previously prepared plans.
The United States is allowing a Russian oil tanker carrying crude oil to reach Cuba, providing a potential lifeline to the Caribbean island amidst a de facto oil blockade imposed by Washington.
At an election rally, Hungarian Prime Minister Viktor Orban called Ukraine a "very dangerous country" and a "terrorist state," announcing a halt to gas transit and again accusing Ukraine of blocking the Druzhba pipeline.
Hungarian Prime Minister Viktor Orbán has accused Brussels of withholding EU funds and Ukraine of blocking oil deliveries via the Druzhba pipeline in an attempt to pressure Hungary.
President Volodymyr Zelensky stated that Ukraine is stepping up cooperation with Latin America, following a series of meetings held by Foreign Minister Andrii Sybiha in the region to intensify the work of Ukrainian diplomatic missions.
A European Union delegation has arrived in Ukraine to assess the condition of the Druzhba oil pipeline, according to state energy firm Naftogaz. The inspection follows the pipeline's closure in January and a dispute with Hungary over Ukraine aid.
Ukraine's Ministry of Foreign Affairs has no confirmed information regarding the arrival of a delegation of European engineers to inspect sections of the Druzhba pipeline damaged by Russian shelling, and decisions on allowing foreigners access to such sites.
Slovak Foreign Minister Juraj Blanár has claimed that Ukraine has already announced timelines for repairing the Druzhba oil pipeline on more than one occasion, so the situation should be verified by experts on the ground.
Hungarian Foreign Minister Péter Szijjártó expressed dissatisfaction with the EU Commission's delayed response to the oil blockade affecting two member states and its new agreement with Kyiv regarding the repair of the Druzhba pipeline.
Ukraine has accepted the European Union's offer of technical and financial support to repair the damaged Druzhba oil pipeline and resume oil flows to Hungary and Slovakia. This move comes as Ukraine reportedly yields in a dispute with Hungary over the pipeline.
Hungary's Foreign Minister states that Budapest will withdraw its veto on the EU's promised 90 billion euro loan to Ukraine if the Druzhba oil pipeline, which supplies Russian oil to Hungary, is repaired.
A sentence linking the repair of the Druzhba oil pipeline to a €90 billion EU loan for Ukraine and the EU's 20th sanctions package against Russia has been removed from a joint statement by European…
Hungarian Foreign Minister Péter Szijjártó has lashed out at a proposal by the European Union to help Ukraine restore oil supplies via the Druzhba pipeline.
Slovakia has unilaterally suspended electricity supplies to Ukraine, a decision announced without detailed reasons, though Bratislava had previously warned of such action if Ukraine failed to repair the Russian-damaged Druzhba oil pipeline.
Hungarian Prime Minister Viktor Orbán wrote an extensive and sharp article for a German newspaper, stating that Europe is destroying itself by supporting Ukraine. The situation in Hungary, including issues with the Druzhba pipeline, is also a frequent topic in German media.
The Czech Republic is advocating for the adoption of the 20th package of anti-Russian sanctions and proposes forming a team of energy experts to unblock the dispute over the Druzhba oil pipeline among three countries.
Ukraine and Hungary are in a dispute over the Druzhba pipeline, with Budapest accusing Kyiv of failing to attend scheduled talks. The disagreement highlights ongoing tensions and challenges in energy transit and bilateral relations.
Foreign Ministry spokesperson Heorhii Tykhyi has responded to accusations from Hungarian Foreign Minister Péter Szijjártó that Ukraine had allegedly refused to take part in a trilateral meeting with Hungarian and Slovak colleagues to discuss the situation surrounding the Druzhba oil pipeline.
Czech Deputy Prime Minister and Minister of Industry Karel Havlíček announced in Brussels that Prague is prepared to lead a mission of European experts to inspect the Druzhba oil pipeline.
Officials said the attacks targeted "residential buildings, educational institutions, businesses and critical infrastructure."
Kyiv shares details of Russian attack on Druzhba pipeline as Hungarian 'inspection' team returns home The Kyiv Independent
Ukraine's presidential office stated it did not invite a Hungarian delegation that announced its arrival for talks regarding the damaged Druzhba oil pipeline, with Ukrainian officials calling the group 'tourists' and denying their official status.
The EU is investigating whether the Soviet-era Druzhba pipeline can be used to end Hungary's veto on 90 billion euros in aid for Ukraine, with the European Commission proposing to send an investigative committee.
A Hungarian delegation, initially tasked with inspecting the Druzhba oil pipeline and negotiating its restart, has arrived in Kyiv, but Ukrainian officials are reportedly unwilling to discuss the pipeline, referring to the group as 'tourists, not an official delegation'.
Viktor Orbán has appointed Gábor Czepek, an ally known for running Fidesz-funded campaigns, to lead the oil mission in Ukraine overseeing the Druzhba pipeline, a role previously less visible in the energy ministry.
Hungary dispatched a delegation to Ukraine to investigate the disruption of oil deliveries via the Druzhba pipeline. Budapest faces increasing pressure to restart Russian oil flows amid rising global prices.
While the opposition discusses interventions against expensive gasoline, the Slovak government under Robert Fico plans no measures and remains focused on the non-functional Druzhba oil pipeline.
Slovak Prime Minister Robert Fico is scheduled to meet with European Commission President Ursula von der Leyen in Paris, where he plans to press the Commission to urge Ukrainian President Zelensky regarding the damaged Druzhba oil pipeline.
An expert suggests that information claiming the integrity of the Druzhba pipeline may originate from Russia. He believes Viktor Orbán might have mistakenly thought restarting it was a political decision, lacking solid internal information on the pipeline's condition.
The European Union is reportedly weighing financial aid to help restart oil flows through the Druzhba pipeline, which has faced disruptions.
Hungary's Prime Minister Viktor Orbán has posted videos on his social media in which he threatens to force Ukraine to restore oil transit through the Druzhba pipeline.
Hungarian Prime Minister Viktor Orban announced that Hungary will use political and economic tools to compel Ukraine to reopen the Druzhba pipeline, which transports Russian oil to Hungarian refineries.
A government decree has been issued to establish a delegation to assess the condition of the Druzhba pipeline, with Mol delegating a member to the fact-finding mission.
Oil is still not flowing to Slovakia via the Druzhba pipeline after Russian bombing in Ukraine. Slovak Prime Minister Robert Fico claims the pipeline is functional and Ukraine is intentionally holding back oil, but refuses to show satellite images, while Ukraine denies EU representatives access to the bombed site.
According to Ukraine's Energy Minister, the Druzhba pipeline has sustained internal damage from a Russian attack, though it is not visible externally, with damage assessment still ongoing.
The European Commission has stated that it has not yet received a letter from Hungarian Prime Minister Viktor Orban, in which he reportedly asked to increase pressure on Ukraine over the "undamaged" Druzhba pipeline. At the same time, the Commission announced a planned phone call between European Commission President Ursula von der Leyen and President of Ukraine Volodymyr Zelensky.
Hungary's Foreign Minister Peter Szijjarto has said that the lack of oil transportation via the Druzhba pipeline is an attack on Hungary carried out by President Volodymyr Zelenskyy.
Ukrainian President Volodymyr Zelenskyy criticized Hungarian Prime Minister Viktor Orbán and Slovak Prime Minister Robert Fico for not expressing gratitude for Ukraine's repairs to the Druzhba oil pipeline.
Slovak Prime Minister Robert Fico is requesting an urgent meeting with Ursula von der Leyen to discuss the resumption of oil transit through the Druzhba pipeline, calling it a serious European-Ukrainian issue.
Hungarian Prime Minister Viktor Orbán claims satellite images confirm the technical readiness of the Druzhba pipeline and demands Kyiv immediately restore Russian oil supplies to Hungary and Slovakia.
The war in Ukraine enters its fifth year and intertwines with the conflict in the Middle East. Tensions are also rising around the Druzhba pipeline and aid to Kyiv.
Ukrainian President Volodymyr Zelenskyy and Slovak Prime Minister Robert Fico have agreed in principle to a meeting, as Bratislava accuses Kyiv of blocking Russian oil deliveries via the Druzhba pipeline.
Slovak Prime Minister Robert Fico informed Ukrainian President Volodymyr Zelenskyy that Ukraine's decision to halt oil transit via the Druzhba pipeline is causing logistical difficulties and economic damage for Slovakia.
Ukrainian President Volodymyr Zelenskyy invited Slovakian Prime Minister Robert Fico to Kyiv to discuss bilateral issues, following recent criticism from Slovakia regarding Ukraine and the Druzhba pipeline.
The European Commission has said it welcomes Hungary's intention to send a monitoring mission to Ukraine to assess the condition of the Druzhba oil pipeline and its readiness to accept the mission's conclusions.
Hungarian company MOL has reached an agreement with Croatian company JANAF to test the capacity of the Adria pipeline, which Hungary views as a potential alternative to the Druzhba pipeline.
Ukraine's Ministry of Foreign Affairs refuted statements by Hungary's Foreign Minister Peter Szijjarto, who claimed that a Hungarian diplomat in Kyiv was promised the resumption of Druzhba oil pipeline operations in exchange for 'money and weapons.'
Hungary's Prime Minister Viktor Orbán has requested the EU to launch a "fact-finding mission" to assess the damage done to the Druzhba oil pipeline, saying it could help unlock an EU loan for Ukraine.
Hungarian Foreign Minister Péter Szijjártó warned that physical attacks on pipelines directed towards Hungary cannot be ruled out, suggesting the same actors who blew up Nord Stream are blocking oil deliveries via the Druzhba pipeline.
The European Union stated that Hungary and Slovakia are not currently at risk of oil shortages, despite the disruption of Russian oil supplies via the Druzhba pipeline.
The European Commission states that the suspension of oil deliveries via the Druzhba pipeline is not due to political reasons. This contradicts Viktor Orbán's earlier letter suggesting only a political decision from Ukraine was needed to restart deliveries.
Ukrainian President Volodymyr Zelensky declared the repair of the Druzhba oil pipeline unnecessary, stating that Russian attacks make it pointless and too costly in terms of human lives.
A Ukrainian drone attack on the Kalyeykino pumping station, part of the Druzhba pipeline system in Tatarstan, has reportedly forced Russia's Transneft to reduce crude oil intake by about 250,000 barrels a day.
European Commission President Ursula von der Leyen has condemned Russian strikes on the Ukrainian city of Brody that damaged the Druzhba oil pipeline and has called for repairs to be accelerated.
The Druzhba serves as the primary conduit for Russian crude deliveries to Hungary and Slovakia. Shipments through the pipeline have stalled since the end of January.
Slovakia feels betrayed by Kyiv in a dispute over its oil supply via the Druzhba pipeline and is threatening to cut off electricity supplies to Ukraine in retaliation.
The Slovak government has declared an oil emergency for the first time, revealing risks of dependence on the Druzhba pipeline, while the head of a well-known Bratislava hospital has departed.
Ukrainian drones reportedly struck an oil pumping station serving the Druzhba pipeline, which supplies oil to central Europe, over 1,200 kilometers from the border.
The 1460th day of fighting in Ukraine sees Sweden showcasing its CV90 combat vehicles, with Ukrainians explaining their effective use. The Druzhba oil pipeline caught fire again, this time in Russia, and fighting continues in the center of Pokrovsk.
A key oil pumping station connected to the Druzhba export pipeline in Russia's Tatarstan region caught fire overnight, with video suggesting an attack.
Hungary's Foreign Minister announced the country would block the 20th EU sanctions package against Russia, citing concerns over the cessation of Russian oil deliveries via the Druzhba pipeline.
Slovakia has threatened to halt electricity exports to Ukraine if oil flow through the Druzhba pipeline is not restored, drawing condemnation from Ukraine alongside similar actions by Hungary.
The government in Budapest announced that it "will put into circulation" approximately 1.8 million barrels of crude oil from its strategic reserves, after a Russian attack on the Druzhba pipeline on January 27th in
'Security situation' blocks EU inspection of Druzhba pipeline, Ukraine says The Kyiv Independent
A team of European Union experts is awaiting permission from Ukraine to access and assess the damage site of the Druzhba oil pipeline in Kyiv.
Hungarian Prime Minister Viktor Orbán announced that Budapest will gradually halt gas deliveries to Ukraine until Russian oil flows resume via the Druzhba pipeline, escalating tensions. Despite Orbán's statement, Ukraine's Foreign Ministry has reported that gas continues to flow, while Yahoo also reported Hungary's intention to cut supplies.
Kyiv and Budapest are in disagreement over the extent of damage to a western Ukrainian oil pipeline hub bombed by Russia, with oil flow remaining suspended and threatening an EU loan, following Hungary's earlier claim that Ukraine would be compelled to restore Russian oil supplies via the Druzhba pipeline due to financial shortages.
Ukrainian President Volodymyr Zelensky addressed EU leaders via video link, committing to fully restore oil flow through the Druzhba pipeline to Hungary and Slovakia as soon as possible.
Hungarian Prime Minister Viktor Orban has reiterated his warning to the EU that Hungary will not unblock a €90 billion loan to Ukraine until Kyiv restores the supply of Russian oil to Hungary via the Druzhba pipeline.
Ukraine has accepted the European Union's offer of technical support and funding to restore oil flow through the damaged Druzhba pipeline, while reiterating that continued Russian crude oil supply to Hungary and Slovakia remains a priority.
Slovak Prime Minister Robert Fico stated that Slovakia will not support the proposed conclusions of the upcoming EU summit on Ukraine, criticizing Kyiv for not restoring oil supplies via the Druzhba pipeline to Slovakia and Hungary.
As part of continued talks on Ukraine's EU accession at the technical level (the frontloading mechanism), Ukraine received draft conditions from the European Commission on the morning of Tuesday 17…
Hungarian Prime Minister Viktor Orbán is conditioning the unblocking of a €90 billion loan for Ukraine on the resumption of oil deliveries via the Druzhba pipeline, stating 'if there is no oil, there is no money.'
Hungary views the EU's offer for repairing the Druzhba pipeline as a political game, demanding the lifting of the 'oil blockade' and the unblocking of funds for Ukraine.
Hungarian Prime Minister Viktor Orbán reiterated that Budapest will not alter its stance on financial decisions until oil supplies via the Druzhba pipeline are fully restored, emphasizing that 'no oil means no money.'
Ukraine has announced its acceptance of an EU mission aimed at restoring the flow of oil through the Druzhba pipeline, a critical energy infrastructure.
The European Union is initiating technical and financial assistance to repair the Druzhba oil pipeline, aiming to stabilize oil supplies for Slovakia and Hungary amidst the ongoing war in Ukraine.
Hungarian Prime Minister Viktor Orbán published a critical article in a German newspaper, arguing that Europe is destroying itself by supporting Ukraine, amidst ongoing issues like the Druzhba pipeline.
Ukrainian Foreign Minister Andrii Sybiha stressed during an online address to the Council of the European Union that the approval of a €90 billion loan from the European Union cannot be contingent on the operation of the Druzhba oil pipeline.
The Czech Minister of Industry has offered for the Czech Republic to lead an EU mission to assess the condition of the Druzhba pipeline, having already discussed the matter with Hungarian Prime Minister Viktor Orbán.
Linking the release of the EUR 90 billion loan approved for Ukraine to the operation of the Druzhba oil pipeline is unacceptable.
Ukraine's President Zelenskyy claims the EU is blackmailing him regarding the Soviet-era Druzhba oil pipeline and Russian oil. Ukraine states the pipeline was damaged by Russian air attacks in January and remains unrepaired.
Ukraine has informed diplomats from 31 countries about the damage to the Druzhba energy pipeline, which transports oil from...
A Hungarian delegation investigating the Druzhba oil pipeline says it is returning to Budapest “with results”.
The Slovak government presented satellite images as proof that the Druzhba pipeline is undamaged, but the opposition is questioning their authenticity due to a lack of identifying elements, prompting calls to question intelligence chief Gašpar.
An initial five-member Hungarian investigative committee planned to travel to Ukraine regarding the Druzhba crude oil pipeline, but the delegation's composition and plans changed after one member reconsidered.
Hungary's Foreign Minister Szijjártó stated that Ukraine was informed via diplomatic note about the arrival of a delegation to inspect the Druzhba pipeline, with a meeting also requested with the Ukrainian energy minister.
A group of Hungarians entered Ukraine on 11 March without any scheduled official meetings or delegation status.
Hungary has dispatched a fact-finding mission to Ukraine to assess the situation concerning the Druzhba pipeline, as stated by a deputy minister, indicating concerns over energy infrastructure.
Slovak Prime Minister Robert Fico has indicated that he is willing to follow Hungary's example and block a €90 billion EU loan for Ukraine if Viktor Orbán's Fidesz party loses the election.
Hungarian Foreign Minister Péter Szijjártó has said Budapest received a response from the European Commission 10 days after sending a joint letter with Slovakia regarding the suspension of Russian oil transit via the Druzhba pipeline, and that the Commission "did not side with them".
Slovakia's Prime Minister Robert Fico has requested a meeting with European Commission President Ursula von der Leyen regarding the halt of the Druzhba pipeline, with preparations for the meeting underway.
A Ukrainian energy security expert stated that full repair work on the damaged Druzhba oil pipeline could take over a year, while the Ukrainian president believes it could be technically ready in six weeks.
Hungarian Prime Minister Viktor Orban stated that Hungary will exert strong pressure to compel Ukraine to restart oil deliveries via the Druzhba pipeline without further negotiation.
The European Union is considering providing Ukraine with financial support to repair the Druzhba oil pipeline as Hungary and Slovakia block aid for Kyiv and sanctions against Russia until supplies through the pipeline resume.
Brussels is pressuring Kyiv regarding the Druzhba pipeline, which currently supplies Russian oil only to Slovakia and Hungary, despite Prime Minister Robert Fico's assertion of its immense importance for the entire EU.
Putin to host Hungary's FM to discuss Budapest-Kyiv rift over Druzhba pipeline The Kyiv Independent
The Financial Times reports that EU Commission President Ursula von der Leyen and European Council President Antonio Costa personally requested Ukraine to allow inspections of the Druzhba pipeline, but Kyiv has not yet agreed.
Hungary's Prime Minister Viktor Orbán has criticised President Volodymyr Zelenskyy's statements about transit of Russian oil via the Druzhba pipeline and sent a letter to the European Commission.
Former minister Hirman warns that Slovak Prime Minister Robert Fico and Hungarian Prime Minister Viktor Orbán are attempting to conceal the failure of their pro-Putin energy policies, as Fico blames Ukraine for blocking Druzhba pipeline deliveries.
Kyiv has offered Slovak Prime Minister Robert Fico two dates in March to visit Ukraine to discuss the dispute over the interrupted oil supplies via the Druzhba pipeline.
Hungarian Prime Minister Viktor Orban stated that satellite images confirm the Druzhba pipeline, used to transport Russian oil through Ukraine to Hungary and Slovakia, is functional, and reiterated his call to President Zelensky.
If the amount of importable raw materials available in the region declines, this will lead to an imbalance in the market, which will always have the effect of pushing up prices, the MOL Group’s…
Hungary's Prime Minister Viktor Orbán has said the war in the Middle East has doubled the importance of Russian oil supplies via the Druzhba pipeline.
Relations between Slovakia and Ukraine are reportedly tightening, with Ukrainian President Zelensky inviting Slovak Prime Minister Fico to Ukraine to discuss existing problems. Slovakia and Hungary accuse Kyiv of delaying the reopening of the Druzhba oil pipeline.
Russian and Ukrainian combat drones are attacking the oil pipeline network of the Druzhba pipeline. And suddenly, Putin's secret allies in Hungary and Slovakia are left high and dry.
The Druzhba pipeline exported some amount of Ukrainian oil, as well as much larger quantities of Russian crude oil, before being damaged a month ago by a Russian attack that led…
Croatian Prime Minister Andrej Plenković announced that Croatia can supply oil to Hungary and Slovakia through its Adria pipeline to offset disruptions from the Druzhba pipeline, with negotiations currently underway.
The Ukrainian Foreign Ministry spokesperson stated that Hungarian Foreign Minister Szijjártó distorted the content of a meeting with the Hungarian chargé d'affaires, denying that oil supplies via the Druzhba pipeline are blocked for political reasons.
Hungarian Prime Minister Viktor Orbán has intensified his rhetoric against Ukraine regarding the Druzhba pipeline, now demanding that Brussels send experts to address the issue.
Hungarian Prime Minister Viktor Orbán has called on the European Union to send a fact-finding mission to the Druzhba pipeline amid tensions with Ukraine and is conditioning a €90 billion loan for Ukraine.
The European Commission believes Hungary and Slovakia's crude oil supply is not immediately threatened despite damage to the Druzhba pipeline infrastructure, urging accelerated repairs.
The European Commission announced that alternatives to Russian oil supplies are being investigated following the shutdown of the Druzhba pipeline after the Russian attack, confirming that options exist.
The Druzhba pipeline serves as the primary conduit for Russian crude oil deliveries to Hungary and Slovakia. Shipments through the pipeline have stalled since the end of January.
Hungarian Prime Minister Viktor Orban announced that Hungary is awaiting a political decision from Ukraine to restart oil supplies through the Druzhba pipeline, stating there are no technical obstacles.
Slovakia's Ministry of Economy announced that Russian oil supplies through the Druzhba pipeline, which crosses Ukrainian territory, are expected to resume on Thursday.
The European Union has requested Ukraine to accelerate repairs to the damaged Druzhba oil pipeline, which was impacted during the war with Russia.
The Slovak opposition has filed a criminal complaint against Prime Minister Robert Fico for halting emergency electricity supplies to Ukraine, a move Fico made in response to the interruption of oil supplies via the Druzhba pipeline. The opposition alleges potential abuse of power.
Hungarian Prime Minister Viktor Orban is reportedly blackmailing the EU by threatening to block 90 billion euros for Ukraine, demanding the resumption of oil deliveries via the Druzhba pipeline.
Slovakia has stopped emergency power deliveries to Kyiv, with Prime Minister Fico citing issues with Russian oil flow via the Druzhba pipeline as a reason.
Ukraine has claimed responsibility for striking a Russian oil facility that is reportedly crucial for the Druzhba pipeline, which transports oil abroad.
Ukraine's Foreign Minister Andriy Sybiha urges Slovakia and Hungary to act responsibly amid threats to suspend electricity supplies due to the Druzhba pipeline. Hungary also warns it will block a loan for Ukraine and oppose EU anti-Russian sanctions.
Hungary plans to block European Union sanctions and loans due to an ongoing standoff related to the Druzhba pipeline.
Slovak Prime Minister Robert Fico has joined Hungary in threatening Ukraine with action unless the flow of Russian oil through the Druzhba pipeline is restored, as both nations rely on Russian crude.
Slovakian Prime Minister Fico is threatening to cut emergency power supplies to Ukraine if oil deliveries to Slovakia, halted for nearly a month due to an attack on the Druzhba pipeline, are not resumed.
Futures, Global Markets Rise With US Markets Closed For President's Day Stocks gained, bitcoin tumbled and bonds steadied after Friday's cool CPI data reinforced expectations that the Fed will cut interest rates on multiple occasions this year. With US markets closed for the Presidents’ Day holiday and mainland China’s markets closed for Lunar New Year holidays, trading was muted on Monday. As of 9:00am ET, futures on the S&P 500 added 0.4% and Europe’s Stoxx 600 index rose 0.4% as banking shares rebounded from a sharp decline last week. German bunds and Treasury futures were steady after US yields touched the lowest since December on Friday. The path of US interest rates remains in focus following Friday’s slower-than-expected US inflation print as traders fully price a Fed cut in July and the strong chance of a move in June. “The backdrop for equities is positive post CPI,” said Andrea Gabellone, head of global equities at KBC Securities. At the same time, there could be “more dispersion ahead as sentiment around key AI-exposed sectors is still very critical,” he added. That sentiment was echoed by other strategists seeking to distinguish between AI losers and winners. A JPMorgan Chase & Co. team led by Mislav Matejka urged caution on stocks at risk of AI-driven “cannibalization,” including software, business services and media companies. Meanwhile, banks are developing baskets to capitalize on the divergence: as we first reported last Thursday, Goldman launched a new basket of software stocks that goes long firms that will benefit from AI adoption, while shorting the companies whose workflows could be replaced. With AI disruption rippling through markets, a lot will come down to earnings resilience, in particular in the US. “When you look at the current earnings season, the companies are showing 13% of growth,” Nataliia Lipikhina, head of EMEA equity strategy at JPMorgan, told Bloomberg TV. “Overall, this is the reason why we continue to be positive on the S&P.” Later this week, traders will be watching for ADP private payrolls numbers on Tuesday and the minutes from the Fed’s January meeting on Wednesday for a fresh read on the economy. European stocks gained with bank shares rebounding, after posting their biggest weekly decline since April on worries about disruption from artificial intelligence. The basic resources sector lags, with Norsk Hydro among Europe’s worst performers as both Goldman Sachs and RBC downgrade the stock. Stoxx 600 rises 0.4% to 620.26 with 253 members down, 336 up, and 11 unchanged. Here are some of the biggest movers on Monday: NatWest shares rise as much as 4%, the most since October, as Citi analyst Andrew Coombs raises his price target on the UK bank to a Street-high. Seraphim Space shares rise as much as 9.2%, briefly hitting a new all-time high, after the space tech investment firm said the valuations of its four largest holdings increased over the final months of 2025. AECI shares rally as much as 6.1%, the most since July, after the South African commercial-explosives maker shared improved 2025 headline earnings per share guidance. Orsted shares rise as much as 3.8% after analysts at Kepler raise the recommendation to buy from hold over the Danish renewable energy firm’s outlook, despite ongoing uncertainty for the industry in the US. Norsk Hydro shares fall as much as 4.4%, extending Friday’s 5.9% earnings-triggered drop, after being downgraded at Goldman Sachs and RBC over disappointments and pricing pressures in the Norwegian aluminum company’s downstream business. Galderma shares slip as much as 2.2% after naming Luigi La Corte as its new chief financial officer following the news back in July that Thomas Dittrich was departing. Pinewood Technologies shares tumble as much as 32%, the most since April 2024, after Apax Partners said on Friday it will not proceed with a possible cash offer for the car dealership software provider. FlatexDEGIRO shares drop as much as 7.2% after BNP Paribas downgraded the online brokerage firm to neutral from outperform, saying the price reflects too much optimism about its market position in Germany. Maurel & Prom shares slump as much as 12%, pulling back after ending last week at a 2015-high, after announcing it is not currently authorized to resume oil and gas operations in Venezuela. Barratt Redrow shares fall as much as 3.7%, leading a drop in British homebuilders after Rightmove said house prices are stalling. Asian stocks slipped for a second day, led by declines in Japan as traders booked profits after last week’s post-election rally. Several markets were closed or held shortened trading sessions for the Lunar New Year holiday. The MSCI Asia Pacific Index was down 0.1%. Japan’s Topix Index fell 0.8%, with Mizuho Financial Group Inc. and Toyota Motor Corp. among the companies contributing to the index’s losses.In Hong Kong, AI model developer Minimax Group Inc. surged as much as 30% to more than four times its original listing price, while competitor Knowledge Atlas JSC Ltd. ended 4.7% higher. The market will be closed until Thursday. As investors across the region begin to reevaluate their bets on its artificial-intelligence-driven rally, traders in Japan cashed in gains driven by expectations of Prime Minister Sanae Takaichi’s proactive spending policies last week.Trading in Singapore ended early Monday and will be shut until Wednesday. Equity markets in mainland China, South Korea, Indonesia and Vietnam were closed. In FX, the yen is the notable mover in currencies, weakening 0.5% against the dollar and pushing USD/JPY back above 153. The offshore yuan is one of the better performers against the greenback. The Bloomberg Dollar Spot Index rises 0.1%. There is no cash trading in Treasuries due to the Presidents’ Day holiday. European government bonds are little changed In commdities, gold dipped below $5,000 an ounce, as traders booked profits from a gain in the previous session. Bitcoin tried anf ailed to stage a modest rebound; it last traded around $68,275 after posting its fourth consecutive weekly loss, with the cryptocurrency struggling to find clear direction as a weekend rally fizzled once the momentum ignition algos emerged. WTI crude futures tread water near $62.90 a barrel. Top Headlines President Trump said there will be voter ID rules in the mid-term elections this year, whether Congress approves it or not, and they will present a legal argument in an Executive Order. Furthermore, Trump said he has searched the depths of legal arguments not yet articulated nor vetted on this subject, and they will be presenting an irrefutable one in the very near future. Iran says potential energy, mining and aircraft deals on table in talks with US: RTRS Pentagon threatened to cut its ties with Anthropic over the company’s insistence that some limitations are kept on how the military uses its AI models: RTRS UK eyes rapid ban on social media for under 16s, curbs to AI chatbots: RTRS Rampant AI Demand for Memory Is Fueling a Growing Chip Crisis: BBG Warner Bros. Weighs Reopening Sale Negotiations With Paramount: BBG Companies Are Replacing CEOs in Record Numbers—and They’re Getting Younger: WSJ Europe aims to rely less on US defence after Trump's Greenland push: RTRS DOJ Tells Lawmakers Epstein File Redactions Complied With LawL BBG For College Applicants, Pressure to Make Summers Count Has Gotten Even Worse: WSJ Fed's Goolsbee (2027 voter) said on Friday that they are still seeing pretty high services inflation, and he hopes they have seen the peak impact of tariffs, while he added that the job market has been steady, with only modest cooling. The Break Is Over. Companies Are Jacking Up Prices Again: WSJ Trade/Tariffs USTR Greer said the US and Ecuador expect to sign a trade agreement in the coming weeks. China will waive import value-added taxes on selected seeds, genetic resources, and police dogs through to 2030 to increase agricultural competitiveness and breeding capacity. It was also reported that China will grant zero-tariff access to 53 African nations from May 1st, according to Bloomberg. Chinese Foreign Minister Wang Yi told his French and German counterparts that China and the EU are partners, not rivals, while he added that China and the EU should manage differences, deepen practical cooperation and work together on global challenges. A more detailed look at global markets courtesy of Newsquawk APAC stocks began the week in the green but with gains limited following a lack of major fresh catalysts from over the weekend and amid thinned conditions owing to holiday closures in the region and North America. ASX 200 traded marginally higher with upside led by tech, although gains are capped by underperformance in the utilities, mining, materials and resources sectors, while participants also digested a slew of earnings releases. Nikkei 225 traded indecisively with the index constrained by disappointing Japanese preliminary Q4 GDP data, which showed the economy returned to growth but failed to meet expectations with GDP Q/Q at 0.1% (exp. 0.4%), and annualised GDP at 0.2% (exp. 1.6%). Hang Seng finished higher in a shortened trading session on Chinese New Year's Eve but with upside limited by tech weakness amid some confusion after the Pentagon added several companies including Baidu, Cosco, BYD, Huawei, Nio, SMIC, Tencent, and more to a list of Chinese firms aiding the military on Friday, but then withdrew the updated list shortly after it was posted. Furthermore, price action was also restricted by the closure of mainland markets and the absence of stock connect flows, which will remain shut for more than a week. US equity futures kept afloat in quiet trade amid the absence of drivers and participants. European equity futures indicate a mildly positive cash market open with Euro Stoxx 50 futures up 0.1% after the cash market closed with losses of 0.4% on Friday. Asian Headlines Chinese President Xi called for the anchoring of economic growth around domestic demand as its main driver, in a speech during a key policy meeting late last year that was released on Sunday. China is to establish a permanent financial support framework to promote rural revitalisation and prevent a slide back into poverty, which represents a shift from transitional aid to long-term support. China’s market regulator summoned major online platform companies on Friday, including Alibaba, Douyin and Meituan, while it directed them to comply with laws and regulations, and rein in promotional practices, according to Bloomberg. US Secretary of State Rubio and Japanese Foreign Minister Motegi reaffirmed their commitment to deepen bilateral ties. Disney (DIS) sent a ‘cease and desist’ letter to ByteDance over Seedance 2.0 and alleged that ByteDance has been infringing on its IP to train and develop an AI video generation model without compensation, according to Axios. It was later reported that ByteDance said it would curb its AI video app following Disney's legal threats, according to the BBC. RBI tightened rules for loans provided to brokers and proprietary firms in an effort to reduce market speculation FX DXY eked slight gains in rangebound trade after a lack of major catalysts and with US participants away on Monday. EUR/USD was little changed amid the absence of any major macro catalysts and with light newsflow from the bloc, while comments from ECB President Lagarde and news that the ECB is to make its repo backstop available to other central banks across the world, did little to spur price action. GBP/USD held on to most of Friday's spoils but with price action contained by resistance around 1.3650 and following comments from BoE's Mann that the UK economy is sluggish and tepid, with consumers spending less due to being scarred by high inflation. USD/JPY edged higher and returned to above the 153.00 level in the aftermath of the weaker-than-expected preliminary Q4 GDP data for Japan. Antipodeans were mixed with little fresh macro drivers and a lack of tier-1 data from either side of the Tasman. Fixed Income 10yr UST futures traded little changed and held on to last week's spoils after returning above the 113.00 level in the aftermath of the softer US inflation data, while price action was contained to start the week by the closure of US cash markets for Washington's Birthday. Bund futures lacked demand in the absence of any major catalysts and with light newsflow from the bloc. 10yr JGB futures were marginally higher following disappointing preliminary GDP data for Q4, but with gains limited after failing to sustain a brief reclaim of the 132.00 level. Commodities Crude futures were rangebound amid light energy-specific newsflow from over the weekend and after last Friday's indecisive performance, where attention was on a source report that noted OPEC+ is leaning towards resuming oil output hikes from April, but with no decision made. Slovak PM Fico said he has information that the Druzhba pipeline has been fixed after damage in Ukraine, although he believes that supplies to Hungary and Slovakia have become a part of political blackmail. Spot gold took a breather after edging higher in the aftermath of the recent softer-than-expected US inflation data, with price action also contained by the holiday closures across Asia and North America. Copper futures were subdued, with their largest buyer away for more than a week due to the Chinese New Year/Spring Festival holiday. Texas venture-backed startup Hertha Metal vowed mass production of steel with 25% cost savings, which could reduce US reliance on imports. Geopolitics: Middle East US military is preparing for potential operations against Iran that could last for weeks if US President Trump orders an attack and the US fully expects Iran to retaliate, according to sources cited by Reuters. US President Trump told Israeli PM Netanyahu during a meeting in December that he would support Israel striking Iran’s ballistic missile program if the US and Iran are not able to reach a deal, according to CBS. Iran confirmed that indirect talks between the US and Iran will resume in Geneva on Tuesday under the mediation of Oman, while Iranian Foreign Minister Araghchi left for Geneva on Sunday. Iranian diplomat said Iran is open to nuclear deal compromises if the US discusses lifting sanctions, while it was also reported that Iran said potential energy, mining and aircraft deals are on the table in talks with the US. Israel’s cabinet approved the proposal to register West Bank lands as ‘state property’, while Palestinians condemned the ‘de facto annexation’ which Peace Now said likely amounts to a ‘mega land grab’. Geopolitics: Ukraine US President Trump said on Friday that Ukrainian President Zelensky is going to have to get moving and that Russia wants to get a deal. US Secretary of State Rubio said they don’t know if Russia is serious about finding an end to the war in Ukraine and will continue to test it, while it was reported that he met with Ukrainian President Zelensky on security and deepening defence and economic partnerships. Ukrainian drones targeted Russia’s Taman seaport and fuel tanks in the Black Sea region. UK and European allies were reported on Friday to be weighing seizing Russian shadow fleet ships and tightening curbs on Russia's economy. French Foreign Minister Barrot said some G7 nations have expressed a willingness to proceed with a maritime services ban on Russian oil, which they hope to include in the 20th sanctions package that they are actively preparing. Geopolitics: Other European Commission President von der Leyen said that they face the very distinct threat of outside forces trying to weaken their union, while she added that mutual defence is not an optional task for the European Union; it is an obligation within their own treaty, and it is their collective commitment to stand by each other in case of aggression. Pentagon said the US military struck an alleged drug cartel boat in the Caribbean, which killed three people. DB's Jim Reid concludes the overnigt wrap I hope you all had a good weekend. To stay in Winter Olympics mood the family watched "Cool Runnings" last night. I haven't seen it for 32 years. Please don't tell anyone but I had a few tears in my eyes at the end. I blamed it on the hay fever that has now started. There will be a lot of tears out there in markets for other reasons at the moment. Just two weeks ago, the idea of AI-driven disruption still felt like an abstract, almost academic thought experiment—something we could safely revisit once we had clearer evidence of how AI would be deployed and integrated across the economy. Fast forward 14 days, and markets have wiped out well over a trillion dollars of global equity value on the fear that AI could fundamentally reshape business models and compress profitability across a wide range of industries, including software, legal services, IT consulting, wealth management, logistics, insurance, real estate brokerage and commercial real estate. Some of the sell off in “old economy” sectors feels overdone to me. But as I argued in our 2026 World Outlook back in November, the real challenge is that even by the end of this year we still won’t have enough evidence to identify the structural winners and losers with confidence. That leaves plenty of room for investors’ imaginations—both optimistic and pessimistic—to run wild. As such big sentiment swings will continue to be the order of the day. My instinct is that the reaction in things like commercial real estate, for example, has been particularly exaggerated. Markets seem to be extrapolating a scenario in which vast numbers of white collar workers are made redundant almost overnight, leading to a dramatic collapse in office demand. If that view turns out to be correct, we’ll be facing societal challenges far larger than anything currently being priced into equities. While trying to catch a falling knife may be too risky for many, beginning to cushion the descent could be sensible in many old economy sectors. Markets can’t sustain a disruption narrative across multiple sectors for months or quarters without concrete evidence — and that evidence is likely to take much longer to emerge. Fascinating times. As for this week, today is a US holiday but inflation will remain in the spotlight at a global level after Friday's slightly softer US CPI which helped contribute to a decent rates rally to end the week. Prints are due in the US (PCE - Friday), the UK (Wednesday), Canada (Tuesday) and Japan (Friday). Other economic highlights will include the FOMC minutes (Wednesday), Q4 GDP in the US (Friday), as well as the global flash PMIs (Friday). Earnings reports will feature Walmart (Thursday), Nestlé (Thursday) and BHP (today). It's the earnings calm before next week's Nvidia storm. In the US, this holiday shortened week (President's Day today) features a data calendar dominated by releases that were pushed back by last year’s government shutdown. The most consequential updates will land on Friday, when the advance estimate of Q4 GDP arrives alongside December’s personal income and consumption figures—key inputs for shaping expectations for the early part of this year. For markets assessing the underlying pulse of demand heading into 2026, private final sales to domestic purchasers (PFDP) will carry more weight than the headline GDP print. This indicator—closely monitored by Fed Chair Powell—is expected by our economists to slow to 2.0% from 2.9% in Q3, though risks appear tilted upward. One swing factor: Wednesday’s durable goods report, where modest gains outside of transportation could soften the deceleration. On the consumer front, real PCE growth is expected to cool to 2.5% after two quarters of outsized strength but should still signal ample momentum heading into the new year. Friday’s income and spending report will also offer the latest reading on core PCE, the Fed’s preferred inflation gauge. Our economists expect another 0.4% monthly increase for December, lifting the year over year rate to 2.9%. Updated seasonal factors from last week’s CPI release suggest some mild downward pressure on inflation trends in the second half of 2025. Still, January’s CPI data, although softer than we anticipated, do not translate into equivalent relief for core PCE—in fact, our team currently sees another 0.4% gain for January's release (delayed until March 13th). Depending on the strength of medical services, airfare, and portfolio management components in the upcoming PPI report, a 0.5% monthly rise cannot be ruled out, which would push the year over year rate toward 3.1%. So don't get too excited about the softer CPI last week and the huge rates rally. Additional releases this week will help clarify whether recent severe winter weather has disrupted factory sector activity. January industrial production, due Wednesday, should benefit from a jump in utility output, while weather effects may weigh on the Empire State Survey tomorrow and the Philadelphia Fed survey on Thursday. Labor market data will also be in focus, particularly Thursday’s jobless claims, which line up with the survey week for the February employment report. As our economists have pointed out, private nonfarm job gains have averaged 103k over the past three months, slightly above the pace at this point in 2025 and matching the start of 2024. See their latest US employment chartbook here. This week will also feature a dense lineup of Federal Reserve speakers which you can see alongside all the key global data in the day-by-day week ahead calendar at the end as usual. Moving away from the US, inflation will also be in focus in Japan (Friday) and Canada (tomorrow). For the former, our Chief Japan Economist sees the January nationwide CPI showing a slowdown in both core CPI inflation ex. fresh food to 2.1% YoY (+2.4% in December) and core-core CPI inflation ex. fresh food and energy to 2.7% (+2.9%). Also important will be the global flash PMIs due on Friday as a health check on global growth. In Europe, the spotlight will be on UK inflation (Wednesday), with labour market data due tomorrow and retail sales on Friday. Our UK economist expects headline CPI inflation to drop to 3.0% YoY (3.4% in December) and core CPI also landing at 3.0% YoY (3.2% YoY). See more in his full preview here. In terms of key rate decisions, the RBNZ are expected to remain on hold on Wednesday. Finally, the Munich Security Conference wrapped up over the weekend, where key topics included Ukraine, Russia, and the fate of Greenland. And while US Secretary of State Marco Rubio’s speech was nothing like Vice President JD Vance’s at last year’s conference, which triggered a “wake-up” call for European leaders, Rubio reiterated the administration’s view that Europe needed to leave behind its focus on energy policies, trade and mass migration. Recapping last week now, the tech volatility that has dogged markets since the start of the month broadened into a far more indiscriminate sell-off. The trough came on Thursday, marked by a sharp drop in software stocks, but the weakness extended well beyond tech. Companies across wealth management, real estate and financials suffered double digit declines, underscoring how widespread the pullback has become. Market breadth confirmed this shift as the equal weighted S&P 500 fell -1.37% on Thursday, though it managed to finish the week up +0.29% (+1.04% on Friday). Ultimately, the sell-off left the major US indices on the back foot: the S&P 500 slipped -1.39% (+0.05% on Friday), the Nasdaq lost -2.10% (-0.22% on Friday), and the Magnificent 7 slid -3.24% (-1.11% on Friday). Although the AI scare dominated sentiment, a heavy slate of US data also shaped the market narrative. Early in the week, softer prints—including flat December retail sales, a dovish Q4 Employment Cost Index, and slower Q4 growth expectations from the Atlanta Fed—pushed Treasury yields lower across the curve. That picture shifted midweek after a stronger than expected January jobs report, which delivered the largest gain in nonfarm payrolls (+130k vs. +65k expected) since December 2024 and reinforced confidence that the US economy carried solid momentum into 2026. Then on Friday, January CPI came in below expectations, adding another dovish note. Although the data offered mixed signals at times, the overall takeaway was sufficiently dovish for traders to increase the number of expected rate cuts by December 2026 to 63.4bps (+7.7bps on the week). This helped drive the largest weekly drop in the 10 year Treasury yield since August 2025, down -15.8bps (-5.0bps on Friday) to 4.05%. The 2 year yield also moved sharply lower, falling -8.9bps to 3.41% (-4.8bps on Friday), its lowest level since 2022. European markets, meanwhile, delivered a comparatively resilient performance. The STOXX 600 (+0.09%, -0.13% Friday), DAX (+0.78%, +0.25% Friday) and FTSE 100 (+0.74%, +0.42% Friday) all posted modest gains for the week. European sovereign bonds rallied as well, with the 10 year bund yield dropping -8.7bps—its steepest weekly decline since April 2025. That move was outpaced by gilts, which fell -9.8bps (-3.6bps on Friday) despite a sharp early week sell-off triggered by renewed questions surrounding Prime Minister Keir Starmer’s position. Elsewhere, performance was mixed. Brent crude edged down -0.44% (+0.34% on Friday), while gold extended its upward run, rising +1.56% (+2.43% on Friday). Will London’s half term week finally give us a quiet week in 2026? You’d probably have to guess at ‘unlikely’. Tyler Durden Mon, 02/16/2026 - 09:40