'Some inflation alarms are ringing again' for ECB interest rates

Money-markets currently price a 40% chance of a quarter point hike from the ECB in September

The next big focus for the market is the ECB’s own inflation expectations survey due on Monday. 

Freezing winter weather seems a remote concern as continental Europe swelters, but traders and strategists got a reminder last week of the fragile energy security and bond-market risks.

The price of wholesale gas leapt almost 30% in one day after strike threats in Australia jolted investors.