Global debt rose to a new record high of nearly $300 trillion in the second quarter of 2021. China has seen a steeper rise in its debt levels compared with other countries, while emerging-market debt excluding China rose to a fresh record high at $36 trillion. Debt among developed economies, especially the euro area, rose again in the second quarter.

Italy’s power prices are set to increase by 40% in the third quarter as a global natural gas supply crunch starts to impact the country ahead of the cold season. The increase is part of a rally across Europe that’s set to boost bills for consumers all over the continent. Coal reserves in European ports are also at the lowest level for this time of year since 2016.