Global Markets React to EU Energy Shift, Pharma Deal, and Central Bank Signals

Energy Sector - The European Union has approved a plan to phase out Russian gas imports by late 2027, aiming to eliminate new contracts by January 2026 and terminate existing long-term agreements by January 2028, reducing reliance from 45% to about 12% [3] Pharmaceutical Sector - Pfizer has entered an exclusive global collaboration with YaoPharma for the development of YP05002, a GLP-1 receptor agonist for chronic weight management, involving an upfront payment of $150 million and potential milestone payments of up to $1.935 billion [4] Economic Indicators - Italy's industrial production fell by 1.0% month-over-month in October, significantly below the estimated -0.2%, indicating a negative trend in the manufacturing sector [5] - The European Central Bank is seeing increased bets on a potential interest rate hike in 2026, with traders pricing in a 50% chance as inflation stabilizes near the 2% target [6][7] Legal and Regulatory Developments - The EU General Court dismissed Ryanair's challenge against the €2.55 billion restructuring aid for TAP Air Portugal, affirming the aid's compliance with EU regulations [9]