european stocks face a cautious start tuesday as the economic outlook for europe remains bleak amid energy pressures in asia major stock benchmarks were mixed treasury yields and gold rose the dollar steadied while oil futures were mixed european shares appear poised for a muted open tuesday after closing mostly lower monday after russia indefinitely halted naturalgas flows through a major pipeline sending energy prices soaring us stock futures rose early tuesday with markets closed monday for the labor day holiday major us indexes fell friday as strong labormarket data bolstered the case for the fed to continue its pace of policy tightening russias move friday to extend a halt to flows through the nord stream pipeline to germany is set to exacerbate energy pressures that are already straining households and businesses across the continent its inevitable now that europe is going to be in a recession said craig erlam senior market analyst at oanda its just a case of how much support governments are going to offer against that backdrop and how inflationary thats going to be the dollar steadied in asia as fears over slowing growth outside the us continued to support the greenback usdjpy appeared to be back to making fresh multidecade highs as the currency pair continues to be driven to new heights by a hawkish fed while the boj stands pat hsbc said the recent bout of risk aversion is related to concerns about central banks hiking the global economy into a hard landing hsbc thinks the yen is reacting more to the narrative of hawkish central banks than to recession fears and pushed back expectations for the japanese currencys recovery to 2023 morgan stanley is more confident that bonds have bottomed the yield on the 10year treasury was 319 on friday if friday marked a shortterm low for longduration bonds high in yields the sp 500 and many stocks could get some relief again as rates come down prior to the next round of earnings cuts however make no mistake as the weather turns chilly this fall so will growth which will weigh mightily on stocks given the paltry erp investors are getting paid to take this risk said morgan stanley strategist mike wilson oil futures were mixed in asia after opec agreed that the producer group will trim production by 100000 barrels a day in october this move effectively reverses the output hike of the same volume made in september anz said while the cut is unlikely to change supplyanddemand dynamics it indicates that the group is serious about supporting prices anz adds however anz said the impact of the opec announcement on brent could be muted due to growing concerns about demand from china gold rose early tuesday in asia the strength of the us dollar hasnt damped the appeal of the precious metal which is now trading around a key level of support said oanda oanda sees 1680oz as a key barrier for the metal and reckons that a break below that level could signal further pressure on gold especially if accompanied by aggressive tightening from central banks jefferies has taken a more bullish view of lithium markets raising its demand projection by 14 in 2023 and by 610 in 20242025 to reflect a stronger outlook for electric vehicles the investment bank also raised its supply forecasts for lithium carbonate equivalent by 80000 tons in 2023 200000 tons in 2024 and 370000 tons in 2025 to account for aggressive expansion in china and accelerated growth from recycling as incentivized by high lithium price recycled output in china already reached 35000 tons lce in july yeartodate versus 22000 tons in 2021 according to smm indicating circa 10 of mined output in 2022 jefferies said we thus raise recycled volume to 15 of mined output in 2025 market sentiment has become somewhat more positive in the steel and iron ore markets after china increased its support of the economy anz said noting that the pboc cut banks foreignexchange reserve requirement ratio and beijing has said it would accelerate its stimulus rollout opec agreed monday to cut oil production for the first time in over a year delegates said saying it should pull back about 100000 barrels a day amid fears of a global recession and more iranian crude coming to the market in the event of a revived nuclear deal the move shows how worries over an economic slowdown are dominating a global oil market that has experienced a 25 decline in brent crude prices in the past three months fears of oil shortages after russias invasion of ukraine had driven prices above 100 a barrel for months this year but the markets recent slide prompted the organization of the petroleum exporting countries and moscowled allies collectively known as opec to prop up a market that had been lifting petrostate economies from moscow to riyadh power prices surged european currencies hit multidecade lows and governments scrambled to contain the economic hit after russia cut its main naturalgas pipeline to europe the cutoff which the kremlin blamed monday on western sanctions and said would be longlasting realizes the worstcase scenario europe had been girding for since russia invaded ukraine in february japan should consider new gasconsumption rules ministry says tokyojapan should consider new rules that would allow the government to order big users of natural gas to curtail their consumption in an emergency the ministry of economy trade and industry said monday the proposal for new regulations reflects heightened concerns about gas shortages in europe and how they could affect japan which relies on imported liquefied natural gas for generating much of its electricity in addition many homes use gas for cooking volkswagen to list porsche in one of biggest ipos in years berlinvolkswagen ag said monday that it would list its iconic sports car maker porsche ag in one of the biggest initial public offerings in years and a crucial test of investors confidence as high inflation and the war in ukraine put a damper on the global economy the offering could value porsche at as much as 85 billion euros 84 billion according to analyst estimates injecting fresh cash into vws coffers that executives say will help the company bankroll its transition to electric vehicles and selfdriving cars sydneyrio tinto plc said it has entered a binding agreement with turquoise hill resources ltd to acquire the remaining shares in the mongoliafocused copper miner that it doesnt already own rio tinto said turquoise hills independent directors had unanimously recommended its cash offer of 4300 canadian dollars us3272 per share for all shares outstanding it previously offered c4000 per share ernst  youngs leaders are expected this week to give the green light to splitting its auditing and consulting businesses paving the way for the biggest shakeup in the accounting profession in more than 20 years according to people familiar with the matter the accounting giants global executive committee which oversees the firms 312000person worldwide network met on labor day to put the finishing touches to the plan for a worldwide breakup the people familiar with the matter said the committee is expected to approve the plan later this week which will trigger votes on the deal by eys roughly 13000 partners who stand to make windfalls averaging more than a million dollars each instagram is being hit with the secondlargest european union privacy fine for allegedly mishandling data about children ramping up the blocs enforcement of its privacy law against big technology companies irelands data protection commission said monday that it fined instagram owner meta platforms inc 405 million euros 402 million in a longrunning investigation that had looked at minors who operated business accounts on the service potentially exposing more of their contact information than if they operated a personal account all times in gmt powered by onclusive and dow jones write to us at newslettersdowjonescom we offer an enhanced version of this briefing that is optimized for viewing on mobile devices and sent directly to your email inbox if you would like to sign up please go to httpsnewspluswsjcomsubscriptions this article is a text version of a wall street journal newsletter published earlier today